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Pakistan, Saudi Fund for Development in talks on energy, health, education, infrastructure projects — official 

Pakistan, Saudi Fund for Development in talks on energy, health, education, infrastructure projects — official 
Pakistan’s Economic Affairs Division Secretary, Dr. Kazim Niaz (right), shakes hands with the CEO of Saudi Fund for Development, Sultan Bin Abdul Rehman Al-Marshad, after signing a loan agreement in Islamabad, Pakistan on March 22, 2024. (Government of Pakistan)
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Updated 25 March 2024
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Pakistan, Saudi Fund for Development in talks on energy, health, education, infrastructure projects — official 

Pakistan, Saudi Fund for Development in talks on energy, health, education, infrastructure projects — official 
  • Pakistan and SFD last week signed loan agreements worth $107 million to finance two hydropower projects
  • Pakistan team to meet SFD officials in Riyadh on sidelines of Islamic Development Bank annual meetings in April 
Updated 25 March 2024
SAIMA SHABBIR
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ISLAMABAD: Pakistan and the Saudi Fund for Development (SFD) are in discussions to collaborate on a number of projects, including in the fields of energy, health, education and infrastructure, a top Pakistan official said on Sunday.

Pakistan’s Economic Affairs Division (EAD) Secretary Dr. Kazim Niaz and SFD Chief Executive Officer (CEO) Sultan Bin Abdul Rehman Al-Marshad signed two loan agreements worth $107 million last week to finance hydropower projects in Azad Kashmir, supporting Pakistan’s efforts toward energy sustainability and economic growth.

The SFD, a Saudi government agency, provides development assistance and financial aid to developing countries through loans and grants. In the past, the Fund has deposited money in Pakistan’s central bank to bolster foreign exchange reserves and funded various development projects in infrastructure, education, and health care.

“We already had a framework agreement with SFD. As the Saudi delegation concluded its visit [on Sunday], we have discussed a pipeline of numerous projects for future cooperation, in which they have shown keen interest,” Dr. Kazim Niaz, Pakistan’s Economic Affairs Division Secretary, told Arab News.

“These projects are in the energy, health, education and infrastructure sectors.”

Niaz did not provide more details on the projects, which he said would be shared after Saudi feedback on a list of initiatives shared by Islamabad for investment and cooperation. 

“They [Saudis] have taken these projects with them for examination and analysis,” the bureaucrat added. “Once their analysis is complete, both sides will proceed with signing.”

A Pakistani delegation will next be meeting SFD officials in Riyadh on the sidelines of the annual meetings of the Islamic Development Bank from April 27-30. 

On the loan agreements signed with SFD during its Mar. 22-24 visit to Pakistan, Niaz said they would be used to fund two hydropower projects in Azad Jammu and Kashmir (AJK).

“SFD will finance $66 million for 48MW Shounter Hydropower Project and $41 million for 22MW Jagran-IV Hydropower Project in Neelam Valley District,” he said, adding that the projects would generate 70 MW of electricity, which would be transmitted to the national grid.

SFD has been one of Pakistan’s leading development partners since its establishment in 1974. 

“They are providing assistance in energy, health, education, and infrastructure projects and have really played a significant part with their support for the floods in 2022,” Niaz said. 

“From our engagements and discussions,” the top official said, “I can say that the future of this cooperation and collaboration is very bright and encouraging.”

Topics: Pakistan Saudi Ties Saudi Fund for Development SFP Pakistan Arab News Pakistan

Pakistan stocks cross 116,000 mark as interest rate cut expected today

Pakistan stocks cross 116,000 mark as interest rate cut expected today
Updated 21 sec ago
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Pakistan stocks cross 116,000 mark as interest rate cut expected today

Pakistan stocks cross 116,000 mark as interest rate cut expected today
  • Central bank has already slashed interest rates by 700 basis points in four consecutive meetings since June
  • Poll by Topline Securities shows 71 percent participants expect central bank to announce minimum rate cut of 200bps 
Updated 21 sec ago
Hasaan Ali Khan

ISLAMABAD: The Pakistan Stock Exchange (PSX) smashed past the 116,000 mark during intraday trading on Monday on anticipation that the central bank will slash the interest rate at the monetary policy meeting today, analysts said.

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 published earlier this month, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps.

The benchmark KSE-100 index climbed 1,932.63 or 1.69 percent to reach an intraday high of 116,234.43 points at 2:58 p.m. from the previous close of 114,301.80. 

“Anticipation of a sharp interest rate cut together with strong liquidity with mutual funds is driving the market up,” Head of Equities at Intermarket Securities, Raza Jafri, told Arab News. “It is a broad-based increase, with only banks in the red today on fears of higher taxation.”

The upward surge was driven by the anticipation of a “sharp interest rate cut” by the State Bank, boosting economic growth, corporate profitability and strong liquidity in mutual funds fueled by increased investor confidence and higher savings rates.

Pakistani stocks have been performing significantly well this month, closing at record highs multiple times. 

“KSE 100 Index gained 4.83 percent on week-on-week basis making it eight consecutive positive closing, as expectation of interest rate cut in the upcoming monetary policy meeting kept the investor interest robust and continuous buying by mutual funds provided further stimulus to the market,” Topline said in a weekly market review on Friday.

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.

Topics: Pakistan Pakistan Stock Exchange

‘Zero communication’: Gillespie opens up on Pakistan exit

‘Zero communication’: Gillespie opens up on Pakistan exit
Updated 36 min 21 sec ago
AFP
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‘Zero communication’: Gillespie opens up on Pakistan exit

‘Zero communication’: Gillespie opens up on Pakistan exit
  • Jason Gillespie was appointed Pakistan’s Test coach in April for two years but differences with the Pakistan Cricket Board took their toll
  • The 49-year-old former Australian pacer said he was not informed of decision to remove performance coach Tim Nielsen, also an Australian
Updated 36 min 21 sec ago
AFP

BRISBANE: Jason Gillespie said Monday he felt no longer wanted as Pakistan’s Test coach and was left out of major decisions, having quit the post last week.

The 49-year-old Australian former fast bowler was appointed in April for two years but differences with the Pakistan Cricket Board (PCB) took their toll.

Gillespie said he was not informed of the decision to remove performance coach Tim Nielsen, also an Australian.

“Nielsen was told his services were no longer required and I had zero communication from anyone and that was the moment I thought: well, I’m not really sure they actually want me to do this job,” Gillespie told Australian broadcaster ABC in Brisbane.

He added: “For a decision to then be made (about Nielsen) and the head coach doesn’t get a text message, phone call or email about a decision that’s a pretty big decision.

“It just left me thinking well I’m really not sure if the PCB wants me.”

The PCB accepted Gillespie’s resignation, the second in two months after former South Africa opener Gary Kirsten quit as white-ball coach over differences with selectors.

Gillespie had the worst possible start to his coaching stint when Pakistan were whitewashed 2-0 by Bangladesh.

That was followed by an innings defeat against England in the first Test in Multan.

The defeat prompted the PCB to make sweeping changes, removing Gillespie from the selection panel and dropping star players Babar Azam, Shaheen Shah Afridi and Naseem Shah.

Pakistan won the remaining two Tests to seal the series 2-1.

Gillespie refused to join the team for the two-Test series in South Africa starting in Centurion from December 26.

Gillespie said he was upset over the reduction of his role.

“In essence I was basically hitting catches and that was about it on the morning of a game,” he told ABC.

“You want to be able to have clear communication with all stakeholders, including selectors and knowing what the team is as head coach at least a day before the game so you can help plan and prepare the players.”

The exits of Gillespie and Kirsten means Pakistan have now had seven different coaches across formats in the last three years.

Topics: Jason Gillespie Pakistan Cricket Pakistan Cricket Board

Pakistan, Saudi Arabia agree to enhance public security, anti-narcotics cooperation

Pakistan, Saudi Arabia agree to enhance public security, anti-narcotics cooperation
Updated 16 December 2024
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Pakistan, Saudi Arabia agree to enhance public security, anti-narcotics cooperation

Pakistan, Saudi Arabia agree to enhance public security, anti-narcotics cooperation
  • Development came after Interior Minister Mohsin Naqvi’s meeting with Kingdom’s Narcotics Control Director-General Mohammed bin Saeed Al-Qarni
  • Naqvi arrived in Riyadh on Sunday to discuss bilateral ties as both brotherly countries look forward to forging closer economic and defense partnership
Updated 16 December 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan and Saudi Arabia have agreed to enhance bilateral cooperation in the domains of public security and prevention of narcotics smuggling, the Pakistani interior ministry said on Monday.

The statement came after Pakistani Interior Minister Mohsin Naqvi’s meeting with Maj. Gen. Mohammed bin Saeed Al-Qarni, who heads Saudi Arabia’s General Directorate of Narcotics Control (GDNC).

Naqvi arrived in Riyadh a day ago to discuss bilateral ties and issues of mutual concern with Saudi officials as both countries continue to forge closer economic and investment relations.

During their meeting, the interior minister and the Saudi narcotics control official held discussions on enhancing mutual cooperation in narcotics control, according to the Pakistani interior ministry.

“Both sides agreed on more effective measures under bilateral assistance for narcotics control,” it said in a statement. “The Saudi side offered cooperation to Pakistan in providing the latest equipment for drug detection.”

Naqvi visited various sections of the GDNC, where Saudi officials briefed him on the Kingdom’s narcotics control efforts.

“No country can tackle the menace of drugs alone. This has become a shared challenge for the nations of the world,” Naqvi was quoted as saying by his ministry. “Pakistan will continue cooperation with Saudi Arabia regarding anti-narcotics efforts.”

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties, and officials from both nations regularly interact with each other in a number of domains.

On Sunday, Naqvi met with the Kingdom’s Director of Public Security Lt. Gen. Mohammed bin Abdullah Al-Bassami. He inspected various departments of the state-of-the-art Directorate of Public Security and the Safe City Center.

“During the meeting, it was agreed to activate the joint task force [on public security] between Pakistan and Saudi Arabia soon,” the Pakistani interior ministry said.

Naqvi said that he was glad to see the “excellent” public security mechanism in Saudi Arabia, adding that both sides could benefit from the experience of each other by enhancing cooperation in the field of police training.

Topics: Pakistan Saudi Ties Interior Minister Mohsin Naqvi

Policeman killed, anti-polio vaccinator among two injured in northwest Pakistan

Policeman killed, anti-polio vaccinator among two injured in northwest Pakistan
Updated 30 min 6 sec ago
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Policeman killed, anti-polio vaccinator among two injured in northwest Pakistan

Policeman killed, anti-polio vaccinator among two injured in northwest Pakistan
  • The development came as Pakistan launched a nationwide drive to vaccinate 44 million children
  • Militant groups in Pakistan groups have frequently targeted anti-polio vaccination teams in past
Updated 30 min 6 sec ago
REHMAT MEHSUD

ISLAMABAD: A policeman was killed and two persons, including an anti-polio vaccinator, were injured in separate gun attacks in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province, police said on Monday, as the South Asian country launched an anti-polio drive to reach 44 million children.
Polio is a paralyzing disease that has no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five is essential to provide children high immunity against this terrible disease.
The first attack took place in KP’s Karak district, when unidentified gunmen riding motorbikes opened fire on an anti-polio vaccination team, according to KP governor’s spokesman Tariq Habib. The deceased policeman, Mohammad Irfan, was guarding the vaccinators. The body and the injured vaccinator were shifted to hospital.
“A large contingent of police reached the spot and cordoned off the area and a search operation has been launched there,” Habib said in a statement.
In the Bannu district, Hayatullah Khan, a health official associated with polio program, was shot at by unidentified gunmen as soon as he left home for duty, local police officer Muhammad Ghulam said.
“Khan, who received injuries to his leg, is in stable condition,” Ghulam told Arab News. “Police are investigating whether the attack was carried out by militants as Khan has personal enmity too.”
Pakistan is responding to an intense resurgence of Wild poliovirus type 1 (WPV1) this year, with 63 cases reported so far. Of these, 26 are from Balochistan, 18 from Khyber Pakhtunkhwa, 17 from Sindh, and one each from Punjab and Islamabad.
On Sunday, Prime Minister Shehbaz Sharif launched the vaccination campaign, which will continue till Dec. 22. During the drive, polio vaccinators will go house to house in 143 districts to immunize children under the age of five years, according to the polio program.
“Polio is a dangerous disease which can cripple your children for life. In fact, it can be life-threatening,” Sharif said at the campaign launch. “Only two drops [of anti-polio vaccine] can save your children from being disabled forever. Come and let’s protect the future of our and the nation’s children.”
He said the federation and all provinces were jointly fighting this epidemic and God willing, they would eliminate the disease through their collective wisdom and efforts, thanking vaccinators for their efforts to eliminate the virus despite harsh weather and terrain in far-flung areas.
Pakistan and Afghanistan are the last two countries in the world where polio remains endemic.
Immunization campaigns have succeeded in most countries and have come close in Pakistan, but persistent problems remain. In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.
Pakistan’s chief health officer said on Nov. 10 an estimated 500,000 children had missed polio vaccination during the last countrywide inoculation drive.
Pakistan’s polio program began in 1994 but efforts to eradicate the virus have since been undermined by vaccine misinformation and opposition from some religious hard-liners who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies. Militant groups also frequently attack and kill members of polio vaccine teams.
In July 2019, a vaccination drive in Khyber Pakhtunkhwa was thwarted after mass panic was created by rumors that children were fainting or vomiting after being immunized. This month, Pakistani authorities postponed a planned anti-polio vaccination campaign in the northwestern Kurram district, citing a fragile security situation after weeks of deadly sectarian clashes in the region.
Public health studies in Pakistan have shown that a lack of knowledge about vaccines, poverty and rural residency are also factors that commonly influence whether parents vaccinate their children against polio.
Ayesha Raza Farooq, PM Sharif’s focal person on polio eradication, said on Sunday that all children up to the age of five must be given polio drops.
“Polio vaccine is completely safe, effective and provided absolutely free of cost,” she added.

Topics: Pakistan Polio Attack on polio team Karak Arab News Pakistan

Pakistan launches nationwide anti-polio drive amid intense resurgence of virus

Pakistan launches nationwide anti-polio drive amid intense resurgence of virus
Updated 16 December 2024
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Pakistan launches nationwide anti-polio drive amid intense resurgence of virus

Pakistan launches nationwide anti-polio drive amid intense resurgence of virus
  • Pakistan has reported 63 polio cases this year, with Balochistan reporting the highest of them
  • Pakistan, Afghanistan are the only two countries in the world where poliovirus remains endemic
Updated 16 December 2024
KASHIF IMRAN

ISLAMABAD: Pakistan on Monday launched an anti-polio vaccination drive that aims to vaccinate 44 million children nationwide, amid an intense resurgence of the virus in the South Asian country.
Polio is a paralyzing disease that has no cure. Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five is essential to provide children high immunity against this terrible disease.
Pakistan is responding to an intense resurgence of Wild poliovirus type 1 (WPV1) this year, with 63 cases reported so far. Of these, 26 are from Balochistan, 18 from Khyber Pakhtunkhwa, 17 from Sindh, and one each from Punjab and Islamabad.
On Sunday, Prime Minister Shehbaz Sharif launched the vaccination campaign, which will continue till Dec. 22. During the drive, polio vaccinators will go house to house in 143 districts to immunize children under the age of five years, according to the polio program.
“Polio is a dangerous disease which can cripple your children for life. In fact, it can be life-threatening,” Sharif said at the campaign launch. “Only two drops [of anti-polio vaccine] can save your children from being disabled forever. Come and let’s protect the future of our and the nation’s children.”
He said the federation and all provinces were jointly fighting this epidemic and God willing, they would eliminate the disease through their collective wisdom and efforts, thanking vaccinators for their efforts to eliminate the virus despite harsh weather and terrain in far-flung areas.
Pakistan and Afghanistan are the last two countries in the world where polio remains endemic.
Immunization campaigns have succeeded in most countries and have come close in Pakistan, but persistent problems remain. In the early 1990s, Pakistan reported around 20,000 cases annually but in 2018 the number dropped to eight cases. Six cases were reported in 2023 and only one in 2021.
Pakistan’s chief health officer said on Nov. 10 an estimated 500,000 children had missed polio vaccination during the last countrywide inoculation drive.
Pakistan’s polio program began in 1994 but efforts to eradicate the virus have since been undermined by vaccine misinformation and opposition from some religious hard-liners who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies. Militant groups also frequently attack and kill members of polio vaccine teams.
In July 2019, a vaccination drive in Khyber Pakhtunkhwa was thwarted after mass panic was created by rumors that children were fainting or vomiting after being immunized. This month, Pakistani authorities postponed a planned anti-polio vaccination campaign in the northwestern Kurram district, citing a fragile security situation after weeks of deadly sectarian clashes in the region.
Public health studies in Pakistan have shown that a lack of knowledge about vaccines, poverty and rural residency are also factors that commonly influence whether parents vaccinate their children against polio.
Ayesha Raza Farooq, PM Sharif’s focal person on polio eradication, said on Sunday that all children up to the age of five must be given polio drops.
“Polio vaccine is completely safe, effective and provided absolutely free of cost,” she added.

Topics: Polio Wild poliovirus type 1

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