Pakistan dispatches 13th aid consignment for war-affected people in Gaza

Pakistan dispatches 13th aid consignment for war-affected people in Gaza
This handout photo, taken and released by Pakistan’s National Disaster Management Authority on October 26, 2024, shows 13th consignment of relief goods being dispatched to Gaza, in Islamabad. (Photo courtesy: NDMA)
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Updated 26 October 2024
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Pakistan dispatches 13th aid consignment for war-affected people in Gaza

Pakistan dispatches 13th aid consignment for war-affected people in Gaza
  • The consignment includes 100 tons of winterized tents, blankets to be sent via Amman, Jordan
  • The South Asian country has so far dispatched 1,381 tons of relief goods for Gaza and Lebanon

ISLAMABAD: Pakistan has dispatched a 13th consignment of relief goods for people affected by Israeli military actions in Gaza, the National Disaster Management Authority (NDMA) said on Saturday.
The consignment included 100 tons of winterized tents and blankets that were sent to Amman, Jordan to be further dispatched to the people of Gaza, according to the NDMA.
The send-off ceremony was held at the Islamabad International Airport, which was attended by Palestinian Ambassador to Pakistan Zuhair M. H. Darzaid and Pakistani officials.
The Palestinian ambassador expressed his gratitude for the unwavering support and generous humanitarian assistance to Gaza from the people of Pakistan.
“He added that the humanitarian aid from Pakistan is not just a lifeline of essential supplies but a powerful message of compassion and unity,” the NDMA said in a statement.




This handout photo, taken and released by Pakistan’s National Disaster Management Authority on October 26, 2024, shows Pakistani officials posing for a group photograp as Pakistan dispatches 13th consignment of relief goods to Gaza, in Islamabad. (Photo courtesy: NDMA)

Pakistan does not recognize nor have diplomatic relations with 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.
Since the beginning of Israel’s war on Gaza, Pakistan has repeatedly raised the issue at the United Nations, the Organization of Islamic Cooperation (OIC) and other multilateral platforms and demanded international powers and bodies stop Israeli military actions in Gaza.
The South Asian country has so far dispatched 1,381 tons of relief goods for Gaza and Lebanon, besides establishing the ‘Prime Minister’s Relief Fund for Gaza and Lebanon’ that aims to collect public donations for the war-affected people.


Pakistan PM calls for shutting down outdated power plants with higher fuel consumption

Pakistan PM calls for shutting down outdated power plants with higher fuel consumption
Updated 17 sec ago
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Pakistan PM calls for shutting down outdated power plants with higher fuel consumption

Pakistan PM calls for shutting down outdated power plants with higher fuel consumption
  • Pakistan produces expensive electricity due to outdated infrastructure, reliance on imported fuel, and substantial transmission losses
  • PM Shehbaz Sharif calls for expediting implementation of ongoing reforms and modernization of the country’s power transmission system

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for shutting down inefficient and outdated power plants that produced less power with higher fuel consumption, Pakistani state media reported.
Pakistan produces expensive electricity due to a combination of factors, including outdated infrastructure and inadequate power plants, reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses, and chronic issues like circular debt and regulatory inefficiencies.
Additionally, fluctuations in foreign exchange rates and complex tariff structures contribute to higher electricity prices, while underutilization of domestic resources such as hydropower and coal add to the problem. High power cost is one of the key factors that leads to inflation in the South Asian country.
On Friday, Sharif presided over a meeting in Islamabad to evaluate and discuss future plans for power generation in the country and said only low-cost power projects should be prioritized in the future, the Radio Pakistan broadcaster reported.
“The closure of such [outdated] power plants will not only save valuable foreign exchange spent on fuel imports, but also reduce the cost of electricity for consumers,” he was quoted as saying.
The prime minister called for expediting implementation of ongoing reforms and instructed officials to modernize the power transmission system as per international standards, according to the report.
In October, Sharif said his government was terminating purchase agreements with five independent power producers (IPPs) to rein in electricity tariffs as households and businesses buckled under soaring energy costs.
The need to revisit power deals was part of reforms for a critical staff-level pact in July with the International Monetary Fund (IMF) for a $7-billion bailout. The program was approved in September.
Pakistan has also begun talks to reprofile power sector debt owed to China and structural reforms, but progress has been slow. It has also promised to stop power sector subsidies.
 


Pakistan’s Sindh invites Qatari, Thai envoys to explore investment opportunities in province

Pakistan’s Sindh invites Qatari, Thai envoys to explore investment opportunities in province
Updated 9 min 38 sec ago
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Pakistan’s Sindh invites Qatari, Thai envoys to explore investment opportunities in province

Pakistan’s Sindh invites Qatari, Thai envoys to explore investment opportunities in province
  • Sindh chief minister meets consul generals of Thailand, Qatar separately to discuss bilateral investment 
  • Pakistan seeks closer financial ties and improve bilateral relations with regional allies amid economic crisis

ISLAMABAD: The chief minister of Pakistan’s Sindh this week invited the envoys of Qatar and Thailand to explore investment opportunities in the province, as Islamabad attempts to attract increased foreign investment to remedy its economic woes. 

Pakistan has forged closer trade, investment, and economic ties with regional allies as it seeks to escape an economic crisis that has drained its resources and weakened its currency significantly over the past two years. 

Chief Minister Sindh Syed Murad Ali Shah met the consul generals of Thailand and Qatar on Friday in separate meetings in the provincial capital of Karachi, ensuring them of the Sindh government’s full support to them in matters related to investment. 

“Sindh Chief Minister Syed Murad Ali Shah has invited the investors of Thailand and Qatar to take advantage of the several investment opportunities in the province,” state broadcaster Radio Pakistan reported on Friday. 

Chief Minister Sindh Syed Murad Ali Shah (right) meets with Consul Generals of Thailand, Surashete Boontinand, at CM House in Karachi, Pakistan, on December 13, 2024. (@SindhCMHouse/X)

During his meeting with Qatar Consul General Naif Shaheen Al-Sulaiti, Shah discussed various investment opportunities present in Sindh and invited the Qatar Investment Authority to invest in Sindh, the state broadcaster said. 

Pakistan’s Prime Minister Shehbaz Sharif visited Qatar in October as he sought to bolster economic cooperation amid the country’s efforts to boost foreign investment and stabilize its frail $350 billion economy.

In November, Sindh Governor Kamran Tessori met Qatari’s Ambassador to Pakistan Ali Mubarak Ali Essa Al-Khater to discuss ways to enhance investment and improve bilateral ties between the two countries. 


Pakistan, Tajikistan agree to promote land-based connectivity at Islamabad meeting

Pakistan, Tajikistan agree to promote land-based connectivity at Islamabad meeting
Updated 13 December 2024
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Pakistan, Tajikistan agree to promote land-based connectivity at Islamabad meeting

Pakistan, Tajikistan agree to promote land-based connectivity at Islamabad meeting
  • The development comes amid Pakistan’s efforts to consolidate its role as a trade and transit hub for landlocked Central Asian republics
  • On Wednesday, Pakistan’s power minister said both nations needed to explore ‘new avenues of cooperation’ in commercial and economic fields

ISLAMABAD: Pakistan and Tajikistan on Friday agreed to enhance cooperation in land-based connectivity, Pakistani state media reported, amid Pakistan’s efforts to consolidate its role as a pivotal trade and transit hub connecting the landlocked Central Asian states with the rest of the world.
The understanding was reached at a meeting between Tajikistan Energy Minister Juma Daler Shofaqir and Pakistan Prime Minister Shehbaz Sharif in Islamabad, according to Pakistan’s APP news agency.
Shofaqir is visiting Pakistan to participate in the Pakistan-Tajikistan Joint Commission. The prime minister welcomed him and expressed satisfaction with the progress made in bilateral cooperation between the two countries in various sectors.
“Both sides agreed to further promote cooperation in sectors such as communications, particularly land-based connectivity, energy, education, and agriculture,” the APP reported.
The development came a day after Pakistan and Tajikistan signed two memorandums of understanding (MoUs) at the seventh session of the Pakistan-Tajikistan Joint Commission held in Islamabad this week, according to Pakistani state media.
The first MoU forges a “historic partnership” between Pakistan’s northwestern province of Khyber-Pakhtunkhwa (KP) and Tajikistan’s Khatlon province, paving the way for enhanced cooperation and mutual development. A second MoU has been signed between the Pakistani and Tajik football federations.
PM Sharif expressed satisfaction over the MoUs reached during the Tajik energy minister’s visit to Pakistan and emphasized that timely implementation of these agreements would further strengthen bilateral relations.
“The Tajik minister thanked the prime minister for the warm welcome and hospitality and emphasized the importance of enhancing relations and cooperation between the two countries,” the APP report read.
There has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations in recent weeks. Tajikistan is Pakistan’s closest neighbor in Central Asia with a narrow strip of 14km through the Wakhan corridor separating the two countries.
On Wednesday, speaking at the Joint Commission in Islamabad along with Shofaqir, Pakistan’s Power Minister Sardar Awais Leghari said both nations needed to explore “new avenues of cooperation” in commercial and economic fields.
“I’m pleased to note that both sides have agreed to create a joint coordination committee on transit trade under the Tajikistan-Pakistan trade transit agreement, which will play a pivotal role in addressing operational challenges and ensuring the smooth implementation of transit trade provisions,” Leghari said.
He hoped deliberations of the joint commission would aid in preparing “concrete” recommendations to advance further growth in the fields of trade, energy, agriculture and education as well as the industrial sector.
 


KSrelief launches new food security package to support over 1 million Pakistanis

KSrelief launches new food security package to support over 1 million Pakistanis
Updated 13 December 2024
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KSrelief launches new food security package to support over 1 million Pakistanis

KSrelief launches new food security package to support over 1 million Pakistanis
  • The initiative seeks to improve the nutritional well-being of vulnerable families in the South Asian country
  • KSrelief says the project highlights Saudi Arabia’s steadfast commitment to supporting Pakistan, its people

ISLAMABAD: Saudi Arabia’s King Salman Humanitarian Aid and Relief Center (KSrelief) on Friday announced the launch of its latest food security initiative in Pakistan, which would benefit more than one million people till Nov. 2025.
The Saudi organization has one of the largest humanitarian budgets available to any aid agency worldwide, which has allowed its officials to undertake a wide variety of projects in more than 100 countries. Since 2005, KSrelief has completed 214 projects worth more than $184.6 million.
The latest project, implemented in collaboration with Pakistan’s national and provincial disaster management authorities, the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) and other key partners, seeks to combat food insecurity and improve nutritional well-being of vulnerable families.
“KSrelief will distribute over (14,000 tons) 147,500 food packages across Pakistan from December 2024 to November 2025,” the Saudi charity said in a statement. “This initiative is set to benefit over 1,032,500 individuals across all provinces, including Gilgit-Baltistan and Azad Jammu & Kashmir.”
The distribution will be carried out under KSrelief’s direct supervision, ensuring transparency and efficiency, according to the charity organization. Beneficiaries will be identified with the assistance of local government authorities to guarantee aid reaches those in greatest need.
“Each food package, weighing 95 kilograms, includes: 80 kg of flour, 5 liters of cooking oil, 5 kg of sugar, 5 kg of Daal Chana,” it said. “These packages are designed to sustain a family for an entire month.”
The initiative highlights Saudi Arabia’s steadfast commitment to supporting Pakistan and its people, according to the charity. It is part of KSrelief’s broader mission to deliver life-saving assistance and relief to communities affected by natural disasters, food insecurity and other challenges, regardless of nationality or religion.
“By addressing critical food needs, KSrelief aims to enhance resilience, foster stability, and improve the quality of life for Pakistan’s most vulnerable communities, reaffirming its role as a global leader in humanitarian efforts,” it added.


Pakistan stock market recovers to end weekend session below 115,000 points

Pakistan stock market recovers to end weekend session below 115,000 points
Updated 13 December 2024
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Pakistan stock market recovers to end weekend session below 115,000 points

Pakistan stock market recovers to end weekend session below 115,000 points
  • KSE-100 index surged by 121.30 points, or 0.11 percent, to close at 114,301.80 following an intraday high of 115,172.44 points
  • Analysts credit the stock market’s bullish run this week to investor confidence regarding possible interest rate cut on Dec. 16

ISLAMABAD: Pakistan’s stock market continued to extend its rally on Friday and surpassed the unprecedented 115,000-point mark before pulling back during the weekend trading session as investors locked in profits from the recent surge, analysts said.
The benchmark KSE-100 index surged by 121.30 points, or 0.11 percent, to close at 114,301.80 points from Thursday’s close of 114,180.50 points. The index hit an intraday high of 115,172.44 points after climbing 991.94 points during the weekend trading session.
Stock analysts attributed the ongoing rally to expectations of a policy rate cut by the Pakistani central bank next week.
“The monetary policy is due on Dec. 16 (Monday) and there are expectations of a sharp rate cut,” Raza Jafri, head of equities at Intermarket Securities, told Arab News. “The stock market is reacting accordingly.”
Arif Habib Corporation’s Chief Executive Officer Ahsan Mehanti said the market reached a new all-time high on Friday due to positive sentiment originating from recent growth projections and lowering inflation.
“Asian Development Bank raising growth projections to three percent and lowering inflation forecast to 10 percent for FY25 played the role of a catalyst in the record surge at PSX,” he said.
Pakistan’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This is down from 38 percent last year.
Commenting on the market’s bullish run this week, Jafri said Pakistani companies were currently trading at a relatively low price-to-earnings ratio of six times their profits, significantly below the 10-year average of 7.5 times and the historical peak of 12 times.
Mehanti said the stocks rallied to new highs this week over Finance Minister Muhammad Aurangzeb’s assurance of achieving macroeconomic stability, apart from surging global crude oil prices.
Pakistani stocks have performed significantly well this week on the back of investor confidence regarding a possible interest rate cut by the central bank at the next monetary policy meeting. The central bank has already slashed interest rates by 700 basis points (bps) in four consecutive meetings since June, bringing it to 15 percent.
According to a poll by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps next week.
Trade data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.
Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.