Pakistan to press developed nations for unconditional climate funding at COP29

Pakistan to press developed nations for unconditional climate funding at COP29
A view shows a sign of the COP29 United Nations Climate Change Conference with a backdrop of the cityscape in Baku, Azerbaijan, on October 31, 2024. (REUTERS/File)
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Updated 11 November 2024
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Pakistan to press developed nations for unconditional climate funding at COP29

Pakistan to press developed nations for unconditional climate funding at COP29
  • Annual summit will see tough talks following year of disasters that have emboldened developing countries in demands for climate cash
  • Pakistan goes to COP29 as record air pollution has triggered hundreds of hospitalizations, school closures, stay-at-home orders

ISLAMABAD: Pakistan will urge developed countries to fulfill past pledges and provide easy access to climate funding without attaching conditions as it attends the Conference of the Parties (COP29), which formally started in Baku today, Monday.
The annual UN climate summit will see tough talks on finance and trade, following a year of weather disasters that have emboldened developing countries in their demands for climate cash. Nearly 200 countries are gathering for the summit, where reaching a consensus for a deal among so many will be difficult.
“Pakistan is very clear on our stance on what we need from all the developed countries when it comes to the pledges, one, they need to complete their pledges, they need to fulfill their pledges, and two, easy access to the fundings,” Romina Khurshid Alam, PM Shehbaz Sharif’s coordinator on climate change, told Arab News in an interview this month.
Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion. 
International donors last January committed over $9 billion to help Pakistan recover from the ruinous floods but little of that cash has yet to trickle in, according to officials. 
Pakistan also regularly faces other climate change-induced affects such as droughts, cyclones, torrential rainstorms and heatwaves.
Currently, record-high air pollution levels have triggered hundreds of hospitalizations, school closures and stay-at-home orders in the eastern city of Lahore and other cities in the populous Punjab province, which has been enveloped in a thick, toxic smog since last month. 
A mix of low-grade fuel emissions from factories and vehicles, exacerbated by agricultural stubble burning, blanket Lahore and its surroundings each winter, trapped by cooler temperatures and slow-moving winds. The city of 14 million people stuffed with factories on the border with India regularly ranks among the world’s most polluted cities, but it has hit record levels this month, as has New Delhi. 
Pakistani authorities have said archrivals Pakistan and India need to coordinate actions to temper toxic smog, which winds carry across the border.
“We are open to dialogues and open to come up with the solution, we want to get the things done by dialogue,” Alam said, noting that the chief minister of Pakistan’s Punjab had also urged India to pursue diplomacy to resolve this issue. 
“This is not a game, the main thing is to think about the children and to think about the future.”
Last year, the Punjab government tested artificial rain to try to overcome the smog, and this year, trucks with water cannons have sprayed the streets, with no results.
The WHO says air pollution can trigger strokes, heart disease, lung cancer and other respiratory diseases. It is particularly punishing for children and babies, and the elderly.


Pakistan stock market crosses 110,000 points amid strong liquidity, reducing interest rates

Pakistan stock market crosses 110,000 points amid strong liquidity, reducing interest rates
Updated 09 December 2024
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Pakistan stock market crosses 110,000 points amid strong liquidity, reducing interest rates

Pakistan stock market crosses 110,000 points amid strong liquidity, reducing interest rates
  • The Pakistan Stock Exchange more than 1,000 points to reach 110,264 points on Monday noon
  • Analysts attribute the surge to investors converting from fixed-income instruments to equities

ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed 110,000 points during the intraday trade on Monday, analysts said, amid strong liquidity available in the market and reducing interest rates in the country.
The PSX gained more than 1,000 points to reach 110,264 points on Monday noon, following a slump soon after the session began in the morning. This was the 9th consecutive session when shares at the market traded in green.
Analysts say there is strong liquidity available with mutual funds as investors convert from fixed-income instruments to equities, amid reducing interest rates.
“The longevity of the rally will likely depend on delivery of structural reforms such as efforts to broaden the tax net, energy reforms, state-owned enterprises,” Raza Jafri, chief executive officer of the Karachi-based EFG Hermes brokerage house, told Arab News.
“So far the government appears committed to delivering reforms which is positive, but eventually the talk will have to translate into action.”
Pakistan slashed interest rates by 250 basis points in November to help revive a sluggish economy, amid a major drop in the annual inflation rate.
The South Asian country has vowed to undertake economic reforms mandated by the International Monetary Fund (IMF), which include tightening fiscal policies, privatizing loss-making state-owned enterprises and enhancing tax revenues.
Annual consumer inflation also slowed to 4.9 percent in Pakistan in November, lower than the government’s forecast, largely due to a high base a year earlier. It cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.
Ahsan Mehanti, CEO of Arif Habib Corporation, attributed the bullish trend at the PSX to falling lending rates and speculation about another major policy rate cut by the central bank this week.
“Rupee’s stability on surging foreign exchange reserves and upbeat economic indicators played a catalyst role in the record surge at market,” he added.


Pakistan naval chief says addition of eight new Hangor submarines will bolster navy’s combat capabilities

Pakistan naval chief says addition of eight new Hangor submarines will bolster navy’s combat capabilities
Updated 09 December 2024
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Pakistan naval chief says addition of eight new Hangor submarines will bolster navy’s combat capabilities

Pakistan naval chief says addition of eight new Hangor submarines will bolster navy’s combat capabilities
  • Naval chief Admiral Naveed Ashraf said the move would bolster Pakistan navy’s ‘offensive punch’
  • Remarks came at event to mark Pakistani Hangor submarine’s sinking of Indian warship in 1971

ISLAMABAD: Pakistan Naval Chief Admiral Naveed Ashraf has said that the induction of eight new Hangor class submarines into the Pakistani fleet would boost the navy’s combat capabilities, Pakistani state media reported on Sunday.
Ashraf said this during the Hangor Day celebrations when a Pakistani Hangor submarine sank Indian Navy ship Khukri during the 1971 war, the Associated Press of Pakistan (APP) news agency reported.
The Pakistani submarine, under the command of Commander Ahmed Tasnim, hit the Indian anti-submarine frigate with a torpedo off the Gujarat coast. It is the only instance post-World War II wherein a submarine sank a warship in action.
“The addition of eight Hangor submarines would boost the combat capabilities of Pakistan Navy besides bolstering its offensive punch,” Admiral Ashraf was quoted as saying by the APP.
He said Pakistan Navy always laid a “special emphasis” on its submarine force.
“We cannot forget this day and neither can the enemy,” the Pakistani naval chief said. “The event was not only part of a tactical battle executed perfectly, but also a strategic demonstration of Pakistan Navy’s resolve to repulse enemy aggression and defend the maritime frontiers.”
Admiral Ashraf said the Hangor Day depicted the “courage, tenacity and grit” of Pakistan Navy.
“Through professional excellence and dedication, we can fight against all odds, and continue to enrich our proud heritage,” he said.
He also expressed confidence that Pakistan Navy’s submarine squadron would continue to draw inspiration from its predecessors.


Pakistan’s Rayyan Zaman wins Under-9 title at Redtone International Junior Squash Championship

Pakistan’s Rayyan Zaman wins Under-9 title at Redtone International Junior Squash Championship
Updated 09 December 2024
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Pakistan’s Rayyan Zaman wins Under-9 title at Redtone International Junior Squash Championship

Pakistan’s Rayyan Zaman wins Under-9 title at Redtone International Junior Squash Championship
  • Zaman defeated Malaysia’s Sai Nideesh 3-0 to secure the win
  • The tournament was held in Kaula Lumpur, Malaysia on Dec. 3-8

ISLAMABAD: Pakistani squash player Muhammad Rayyan Zaman has clinched the Under-9 title at the 16th Redtone International Junior Squash Championship 2024 held in Malaysia, Pakistani state-run media reported on Monday.

This year’s tournament was held in Kaula Lampur from Dec. 3-8. The Asian Squash Federation organizes the annual junior squash tournament featuring players from different countries.

Zaman, grandson of squash legend Qamar Zaman and son of Mansoor Zaman, defeated Malaysia’s Nideesh 11/7, 11/5, 11/7 in the final, the Associated Press of Pakistan (APP) news agency reported.

“Zaman’s victory in the Under-9 category is a significant achievement and it highlights his potential to become a top-ranked squash player in the future,” the report read.

The tournament brought together some of the best squash players from Asia, the report said, adding that Zaman’s win reflected the hard work and dedication of his coaches, trainers and family members.

In September, Pakistani squash veteran Group Captain (retired) Irfan Asghar won the 6th Asian Master Squash Championship 2024 in Macau, China by defeating Ryun Hoe Koo 3-0. The victory marked Asghar’s second triumph in the Asian Master Squash Championship after his previous title win in 2010.


Fake news witnessed massive surge in Pakistan during ex-PM Khan party protest in Islamabad — report

Fake news witnessed massive surge in Pakistan during ex-PM Khan party protest in Islamabad — report
Updated 09 December 2024
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Fake news witnessed massive surge in Pakistan during ex-PM Khan party protest in Islamabad — report

Fake news witnessed massive surge in Pakistan during ex-PM Khan party protest in Islamabad — report
  • Khan’s party on Nov. 24 led thousands of supporters to Islamabad, seeking to pressure the government to release the ex-premier from jail
  • The protests resulted in clashes that government says killed four law enforcers, while the party says 12 supporters were killed in crackdown

ISLAMABAD: A massive surge in fake news was witnessed during last month’s protest by former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party in Islamabad, the Fake News Watchdog said in its report on Sunday.
Khan’s party on Nov. 24 led thousands of supporters to Islamabad, seeking to pressure the government to release the ex-premier from jail and order an audit of Feb. 8 national election results. The protests resulted in clashes that Pakistan’s government says killed four law enforcers and injured hundreds of others.

The PTI has named 12 people and says it has evidence they lost their lives during the crackdown, however, several PTI members have given varied accounts of casualties during the protests. Pakistani authorities have denied the deaths, saying security personnel had not been carrying live ammunition during the protest.

Fake News Watchdog, an Islamabad-based non-profit organization fighting disinformation and misinformation, said in its report released on Sunday the Islamabad protest was marked by a “significant role of information warfare in shaping the narrative,” with dissemination of fake news and misinformation across print media, social media and television.

“The events surrounding the PTI protests from 24–27 November 2024 underscored the profound impact of fake news on political, social, and institutional dynamics in Pakistan. Misinformation during this period did not merely serve as a byproduct of political unrest; it actively shaped the narrative, inflamed tensions, and influenced public actions,” the report read.

“Fabricated content — whether through manipulated images, doctored videos, or false statements attributed to key figures — spread rapidly across social media and traditional news platforms, magnifying confusion and mistrust. This phenomenon revealed vulnerabilities in the country’s information ecosystem, where unverified claims gained traction in the absence of effective countermeasures.”

The watchdog said the role of social media was particularly significant, acting as both a tool for mobilization and a breeding ground for misinformation.

“The platform’s speed and reach allowed false narratives to proliferate unchecked, with emotionally charged content exploiting public sentiment,” it said in the report.

“At the same time, lapses in journalistic standards by mainstream media contributed to the problem, as unverified reports from influential outlets further legitimized misleading information.”

It said the widespread misinformation eroded public trust in media and government institutions, deepened political polarization, and led to exaggerated claims of violence, arrests and fatalities, contributing to unnecessary confrontations between protesters and law enforcers.

The coalition government of Prime Minister Shehbaz Sharif formed two task forces in the aftermath of the Islamabad protest: one to identify and take legal action against rioters and another to track and bring to justice suspects behind what the government described as a “malicious campaign” to spread “concocted, baseless and inciting” online news, images and video content against the state and security forces.

Last week, Pakistan’s army also called for action against “political elements” using “fake news for vested interests.”

“This pre-planned coordinated and premeditated propaganda reflects continuity of a sinister design by certain political elements as an attempt to drive a wedge between the public & Armed Forces and institutions of Pakistan,” the army said in what was a clear reference to Khan’s PTI party, following a meeting of its top commanders.

“This futile attempt, fueled and abetted by external players, will never be successful.”

Khan, who remains a popular figure in Pakistan despite being in prison and facing several court cases, has led a campaign of unprecedented defiance against the Sharif coalition and the all-powerful military, which he accuses of being behind his ouster from office in 2022. The army denies it interferes in politics.

Last week, the ex-premier also threatened to launch a civil disobedience movement and asked supporters to converge on Dec. 13 in Peshawar, the capital of the Khyber Pakhtunkhwa (KP) province which is ruled by his party.


Pakistan PM calls for building transparent society as world marks International Anti-Corruption Day

Pakistan PM calls for building transparent society as world marks International Anti-Corruption Day
Updated 09 December 2024
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Pakistan PM calls for building transparent society as world marks International Anti-Corruption Day

Pakistan PM calls for building transparent society as world marks International Anti-Corruption Day
  • Last year, Pakistan improved its score on Transparency International Corruption Perceptions Index, moving seven spots up
  • Sharif urges all Pakistanis to work together for a future where rule of law prevails and accountability is bedrock for all

ISLAMABAD: Prime Minister Shehbaz Sharif has urged Pakistanis to help build a transparent and accountable society in the South Asian country, his office said on Monday, on the International Anti-Corruption Day.
The day is observed on December 9 each year since the passage of the United Nations Convention Against Corruption on October 31, 2003, to raise public awareness about how corruption threatens the stability and security of societies.
In his message, Sharif said corruption was a corrosive element that undermined economic development and destroyed the social fabric of societies, robbing nations of their potential and people of the benefits of fair governance and equal opportunities.
“I urge all Pakistanis to play their role in our quest for a corruption-free future. Let us stand together, united in our resolve to build a Pakistan where public resources are utilized efficiently for the welfare of our people,” Sharif said in a statement issued from his office.
“Let us work together for a future where rule of law prevails and where accountability is the bedrock for all.”
Last year, the Transparency International 2023 Corruption Perceptions Index (CPI) showed that Pakistan had improved its score, moving seven spots from 140 in 2022 to 133 in 2023.
The CPI ranks 180 countries and territories around the globe by their perceived levels of public sector corruption, scoring on a scale of 0 (highly corrupt) to 100 (very clean).
Sharif said this year’s theme, “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity,” rightly highlighted the important role that Pakistan’s youth could play in the fight against corruption.
“Our younger generation deserves a future where they can thrive free from corruption,” he said. “Today, Pakistan joins the international community to renew our commitment to transparency, integrity, and accountability for now and for our future generations.”