As Pakistan condemns Hamas leader’s assassination in Iran, thousands attend funeral prayers in absentia 

ISLAMABAD: Pakistan’s Permanent Representative to the United Nations (UN) Ambassador Munir Akram has called for the establishment of an independent technocratic government in Sudan to manage the transitional period and urged warring parties to declare a ceasefire, Pakistani state media reported on Friday.
The war between Sudan’s army and the paramilitary Rapid Support Forces (RSF), which erupted in April 2023 over disputes regarding the integration of the two forces, has killed tens of thousands of people, displaced millions and left half of the Sudanese population facing hunger.
The conflict has also triggered waves of ethnically driven violence, largely blamed on the RSF, leading to a severe humanitarian crisis. The UN says that nearly two-thirds of Sudan’s population, or more than 30 million people, will need aid this year.
“The appointment of an independent prime minister and formation of an independent national technocratic government to oversee the transitional period could be steps in a positive direction,” the Associated Press of Pakistan (APP) news agency quoted Akram as saying at a meeting of the UN Security Council (UNSC) to discuss the Sudan situation.
“The conflict will not be resolved on the battlefield [and] war will only bring more death and destruction to the Sudanese people.”
Akram condemned the signing of a charter by the RSF and its allies for a parallel governing authority in Sudan.
“Any such external intervention and any scheme that undermines the UN Charter principles will further complicate the conflict, prevent an early solution and further undermine regional and international peace and security,” he said.
The Pakistan envoy urged warring parties in Sudan to abide by the international humanitarian law and facilitate humanitarian assistance in the affected areas.
United Nations Children’s Fund (UNICEF) Executive Director Catherine Russell said the Sudanese children were enduring “unimaginable suffering and horrific violence,” calling for an immediate end to the conflict.
“This is not just a crisis, it is a poly-crisis affecting every sector, from health and nutrition to water, education and protection,” she said.
“I met with families and children who are living through this nightmare. Their stories are heartbreaking – and demand immediate action.”

KARACHI: Stock investors have been trading cautiously since last week when an International Monetary Fund (IMF) mission arrived in Pakistan to review the country’s economic performance under its reforms-oriented, $7 billion loan program, analysts said on Thursday.
Pakistan’s stocks turned green on Thursday after losing more than 300 points in the last three sessions, with the benchmark KSE-100 index gaining 0.9 percent to close at 115,094.23 points. The stocks, which have gained about 3 percent since March 3 when the IMF experts landed in the country, have been fluctuating and witnessed four bull-runs and as many bearish sessions.
While the IMF and the government remain tightlipped about what they are discussing behind the closed doors, local media reports claim that the two sides are not on the same page over issues relating to Pakistan’s revenue shortfall, debt sustainability, and the resolution of the country’s power sector debt. The central bank unexpectedly maintaining the interest rate at 12 percent this week is being seen as another negative for stocks investors.
“The stock market is jittery because of the IMF review along with other factors,” Sana Tawfik, head of research at Karachi-based Arif Habib Ltd., told Arab News.
She said the market was mainly reacting to news reports about the IMF expressing concern over Pakistan’s tax shortfall of around Rs600 billion ($2.1 billion) and rejecting the government’s plans to resolve the lingering circular debt that was expected to increase to as much as Rs1 trillion by June.
The IMF wants Pakistan to increase its tax-to-GDP ratio, which is the lowest in the region, to 13 percent by taxing incomes from agriculture, real estate and retail sectors. Pakistan, however, fell short of the IMF-backed tax collection target this year.
“There is a concern in the market that this tax shortfall may upset the review,” Tawfik said, adding that the selling pressure and a lack of a proper trigger were other drags on the stock index.
Ahsan Mehanti, chief executive officer at Arif Habib Commodities Ltd., said the issues being discussed with the IMF would have a “direct impact” on stocks, including energy, cement and even the cost of borrowing that is directly related to economic growth.
“Generally higher interest rates are negative for the stocks and we believe the IMF certainly does play a role in the central bank’s decisions,” Mehanti told Arab News.
Pakistan’s policymakers avoid squeezing the interest rate much at a time when the IMF is reviewing the release of its first tranche under the $7 billion program.
“The market expects IMF’s proposal may be growth negative owing to higher interest rates to check inflation risks, thin LSM (large-scale manufacturing) growth in case of a cut in the PSDP (public sector development program) or refusals of circular debt plans,” the commodity analyst said.
But Amjad Waheed, chief executive officer at the NBP Fund Management Ltd., held a different view and said the recent fluctuation looked more like a case of profit-taking as investors booked handsome profits during the last couple of years, when the stock market rose as much as 84 percent.
“The IMF talks are ongoing stable and as per routine. I haven’t heard of any tough conditions that the IMF is going to set,” said Waheed, who manages billions of rupees of investor savings.
“People have earned enough and some people now booking profit is normal. The market corrects a bit because of profit-taking.”
The fund manager said some investors might be selling their stocks as their expectation for a rate cut of as much as 1,500 basis points could not materialize because of Monday’s decision by the central bank.
“As an investor I am very conscious at the moment. I am holding on to my stocks. I am holding on to my investments. I am very careful with that,” Isra Ghous Rasool, a 22-year-old stock investor from Karachi, told Arab News in a recent interview.