Pakistan conducts successful training launch of surface-to-surface Shaheen-II ballistic missile
Pakistan conducts successful training launch of surface-to-surface Shaheen-II ballistic missile/node/2568105/pakistan
Pakistan conducts successful training launch of surface-to-surface Shaheen-II ballistic missile
This screengrab, taken from a handout video released by Pakistan’s Inter-Service Public Relations (ISPR) on August 20, 2024, shows Pakistani military conducting a test launch of surface-to-surface Shaheen-II ballistic missile, according to the military’s media wing. (Photo courtesy: ISPR)
ISLAMABAD: Pakistan’s army on Tuesday conducted a successful training launch of its surface-to-surface ballistic missile Shaheen-II, the military’s media wing said, explaining that the exercise was aimed at training troops and evaluating the performance of sub-systems incorporated to ensure improved accuracy of its missiles.
Pakistan sees its missile development as a deterrent against nuclear-armed neighbor India, with which it has fought three wars since independence from Britain in 1947. Both nations have been developing missiles of varying ranges since they conducted nuclear tests in May 1998. In December 2023, the Pakistan Army successfully conducted the flight test of the Fatah-II missile, which has a range of 400 kilometers.
As Pakistan and India continue to test missiles and build their weapons armor, analysts warn Asia may be sliding into an accelerating arms race.
“Pakistan today conducted successful training launch of surface-to-surface ballistic missile Shaheen-II,” the Inter-Services Public Relations (ISPR) said. “The training launch was aimed at training of troops, validating various technical parameters and performance evaluation of different sub-systems incorporated for improved accuracy and enhanced survivability.”
The military’s media wing said the launch was witnessed by senior officers from the Strategic Plans Division, Army Strategic Forces Command, scientists and engineers of strategic organizations.
It said that the director general of the Strategic Plans Division appreciated the technical prowess, dedication and commitment of scientists who contributed toward the “landmark achievement.”
“The President, Prime Minister of Pakistan, Chairman Joint Chiefs of Staff Committee and Services Chiefs congratulated the scientists and engineers on this achievement,” the ISPR concluded.
KARACHI: Benish Abbas, a TV producer from Pakistan’s commercial capital of Karachi, has not received a salary increment for three years, making it difficult for her family to endure the mounting costs of living.
Her story is common among salaried middle-class Pakistanis reeling under rising prices largely brought on by tough reforms under the latest bailout from the International Monetary Fund, including higher energy costs and taxes on domestic consumers and businesses.
That Pakistan’s consumer inflation rate had fallen to its lowest in more than nine years — dropping to 2.4% year-on-year in January — was expected to bring relief to mid-income Pakistanis. But even as the prices of goods are now rising more slowly, the cost of living has not become more affordable for people like Abbas in the absence of wage growth.
Inflationary pressures have also triggered protests in recent months by traders and opposition political parties.
“My salary has not increased. My husband is in the same situation [for nearly a decade],” Abbas told Arab News in an interview from her small, rented house in Karachi’s Ancholi neighborhood where she lives with her husband and two daughters.
“The rent is increasing, school fees are increasing, our electricity bill has doubled, tripled … Our salaries keep us hand to mouth.”
Though fuel prices in Pakistan have declined multiple times in 2024 and 2025 due to lower international oil prices and exchange rate fluctuations, Abbas said it did not reflect on transport fares and thus made little difference to her family.
“STICKY CORE INFLATION”
The South Asian country, currently bolstered by a $7 billion facility from the IMF granted in September, is navigating a tricky path to economic recovery. The IMF is set to review Pakistan’s progress by March, with the government and central bank expressing confidence about meeting the targets.
Pakistan’s central bank cut its benchmark interest rate by 100 basis points to 12% last month, as inflation eases and growth looks set to pick up after 1,000 basis points of rate cuts over the last eight months.
The State Bank of Pakistan has slashed rates from an all-time high of 22% last June, one of the most aggressive moves among central banks in emerging markets and exceeding its 625 bps of rate cuts in 2020 during the COVID-19 pandemic.
After the policy rate decision, central bank governor, Jameel Ahmad, told a press conference that inflation would ease further in January but noted core inflation remained elevated. He forecast full-year inflation in the year to June would average 5.5%-7.5%.
But these measures have not improved the lives of mid-income individuals like 26-year-old Raja Muhammad Haris who earns less than Rs30,000 ($107) a month and has not gotten a salary increment in three years.
“The inflation has increased significantly in the last two to three years,” Haris, who supports a family of eight, said. “Yet, our salaries have not increased in proportion to the inflationary rate.”
A civilian employee of the Pakistani armed forces, Haris said he found it difficult to run his kitchen, forcing him to accumulate debt.
“We have to take a loan from the bank, sometimes we have to take it from a friend, from neighbors. We have to manage the house somehow, we have to run the house somehow,” he said. “Per month we have to borrow Rs20,000 [$71.56].”
Sana Tawfik, an economist and head of research at Karachi-based Arif Habib Limited, agreed that IMF-backed structural reforms carried out by Pakistani authorities, though necessary to put the economy on track, had burdened the average citizen.
While consumer price inflation had decreased, core inflation remained a major concern, she added.
Core inflation is a measure of inflation that removes volatile prices, like food and energy, from the consumer price index (CPI). This creates a more stable picture of underlying inflation trends, covering items like health care, textbooks, clothing, furniture, and electric appliances.
“Core inflation is still sticky and is hovering in the range of 9 to 9.5%,” Tawfik said. “It is expected to remain elevated.”
The economist said while inflation had declined significantly in terms of numbers, it continued to pressure a major chunk of the country’s population, especially due to high electricity and gas bills.
“Inflation is there, and prices are increasing,” she said, though the pace at which the two things had increased in recent months had slowed down.
Strained household budgets have also affected the sale of essentials like medicine.
Malik Nasir Khan, who runs a pharmacy at a largest medicine market in Karachi, said the prices of life-saving drugs like Paracetamol had almost doubled in just a month.
“The customers who used to buy monthly medicines are now buying medicines to last only 10-12 days,” Khan said. “Now they are not buying medicines, medicines are not being sold in large quantities.”
Housewife Farhana Asghar Khan, 48, said she had to borrow Rs1,000 ($4) from an acquaintance to buy medicines, the prices of which the ailing mother of three said exceeded far beyond her reach.
“My monthly medicines cost Rs1,500 [$5.37] and I took a loan of Rs1,000 [$3.58] from an acquaintance and bought medicines from it,” she said.
“For Rs300 [$1.07], I could only get two strips of pills.”
“BASE EFFECT IS KEY”
Mushtaq Khan, a Karachi-based economist, agreed that the status quo would continue as long as incomes were stagnant.
“The middle class is suffering as their incomes are stagnant in Pakistan while the poverty rate is increasing. The improvement in business sentiments from the economic stability is primarily felt by the elite,” he told Arab News.
Mushtaq said year-on-year inflation was low because of the base effect, which would end in May 2025, “which means the prices will start increasing from May (2025) onwards.”
He said the food sub-index had been stagnant since Oct. 2024 but was likely to move up from February onward.
“The prices of clothing have consistently increased in the range of 14%-17% year-on-year, but have come down from the 20 percent plus in 2023. The utilities and rent have settled down but will increase from April,” Mushtaq added.
Health costs remained high, rising year-on-year in the range of 13%-16%, while year-on-year inflation had decreased since 2023. Transportation costs had fallen as POL prices were down, but this was likely to reverse when the
petroleum development levy and general sales tax were added to fuel prices in the fourth quarter of this fiscal year, Mushtaq said.
“The base effect is key. The cost of living is a slow burn. The price levels may consistently increase but the year-on-year data is strongly influenced by the base effect,” the economist said. “That is the crux of the matter, prices are increasing on a monthly basis, but the year-on-year data shows a fall.”
Pakistan government spokesman Attaullah Tarar was not available for comment for this story. Officials from the ministry of finance also did not respond to requests for comment.
ISLAMABAD: Mari Energies, a Pakistani hydrocarbon exploration firm, has discovered new oil and gas reserves in the country’s northwestern Khyber Pakhtunkhwa (KP) province, it said on Tuesday, with initial tests suggesting a flow of 12.96 million standard cubic feet per day (MMSCFD) of gas and around 20 barrel per day (bbl/d) of condensate.
The discovery has been made in KP’s Waziristan district at the Spinwam-1 exploratory well, which was drilled on May 28 last year, according to the exploration firm.
Mari Energies holds a 55% stake in the Waziristan block together with the state-owned Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc. (OPI).
“Initial pre-acid testing of the Samanasuk Formation has shown a flow of 12.96 MMSCFD of gas and approx. 20 bbl/day of condensate at 32/64” choke, and a Wellhead Flowing Pressure of 2,127 psig (pounds per square inch gauge),”
Mari Energies said in a letter to the Pakistan Stock Exchange (PSX).
“Further testing is underway, including post-acid job and assessments in the existing formation and additional targeted formations, to fully evaluate the well potential.”
The Spinwam-1 well in the Waziristan block has total depth of 4,400 meters, according to the exploration firm.
“This discovery has opened a new play within the block,” Mari Energies said.
The development comes a week after Petroleum Minister Musadik Malik said Pakistan was offering foreign investors 40 offshore and 31 onshore blocks for oil and gas exploration.
The South Asian country, which imports most of its energy needs and is currently looking for ways to lessen the costs, is currently pursuing a multi-pronged strategy to advance the energy sector, focusing on indigenization, electrification and liberalization.
Malik, who invited international investors to capitalize on opportunities in these newly opened blocks, said a significant portion of Pakistan’s natural resources was unexplored, the state-run APP news agency reported.
“Pakistan is open for business and we will provide all necessary facilitation to investors,” the petroleum minister was quoted as saying.
Buttler chases ‘perfect game’ against Afghanistan in Champions Trophy
The clash on Wednesday has become a virtual knockout after Tuesday’s match between Australia, South Africa was washed out
Jos Buttler hasn’t had the best of results as captain of the white-ball team since he led the team to a T20 World Cup title in 2022
Updated 25 February 2025
AFP
LAHORE: England captain Jos Buttler on Tuesday said his team is confident despite their opening defeat in the Champions Trophy as they chase a “perfect game” against Afghanistan.
The clash in Lahore on Wednesday has become a virtual knockout after Tuesday’s Group B match between Australia and South Africa was washed out with the two teams sharing one point each.
England lost their opener to Ashes rivals Australia in the eight-nation tournament after they failed to defend their total of 351-8 at Lahore’s Qaddafi Stadium.
South Africa hammered Afghanistan in their first match.
“Pretty much from the start of the tournament every game is a ‘must win’,” Buttler told reporters.
“We’ve got two games left to progress further. We have to win those games so that’s a very clear situation for us to be in.”
Buttler also said he had faith in his pace bowling attack in spite of the pasting they received at the hands of Australia.
“We’ve got great confidence in those guys,” said Buttler.
“Level of performance was good and as always there’s little areas we want to improve and chase that perfect game.
Jofra Archer went for 82 off his 10 overs as Josh Inglis hammered an unbeaten 120. Mark Wood conceded 75 and Brydon Carse, who will miss the rest of the tournament because of a toe injury, went for 69 off seven.
“The debrief (to the quicks) was pretty easy, to be honest. We all felt that we did good things in places and probably just weren’t quite consistent enough in a couple of areas.
“And also sometimes you’ve got to give credit to someone who plays an outstanding innings.”
Buttler said his team has put the defeat aside to focus on the Afghanistan game.
“We’ve parked that now,” he said. “We’re looking forward to the game tomorrow. The guys have all prepared really well, we’ve turned up with a lot of positivity and trying to impart our style of playing.
Buttler hasn’t had the best of results as captain of the white-ball team since he led the team to a T20 World Cup title in 2022.
Buttler’s England won only three of their nine matches as defending champions at the 50-over World Cup in India in 2023.
The team faltered in the semifinal of last year’s T20 World Cup and recently suffered a 3-0 ODI whitewash in India ahead of the Champions Trophy.
“At any time as a captain you want to perform and you want to perform well and you want to lead your team to winning games in cricket. We haven’t been doing that enough in the recent past,” said Buttler.
England suffered a shock loss to Afghanistan in the 2023 ODI World Cup in New Delhi and Buttler said he “respects” the opposition and their top-class spinners, including Rashid Khan.
But he insisted England would be eliminating the negative and accentuating the positive.
“As soon as you catch yourself thinking about any negative things, you just try and completely forget that and focus on all of the positive things that could go right and where you can take the team,” he said.
England will be forced to make at least one change for Wednesday’s match after Carse was ruled out of the tournament and replaced in the squad by leg-spinner Rehan Ahmed.
KARACHI: Pakistan is mulling a “national crypto council” to establish a financial ecosystem in the country that would allow safe investments in digital assets, the Finance Division said on Tuesday.
The statement came after Finance Minister Muhammad Aurangzeb presided over a high-level meeting to discuss global evolution of cryptocurrency and potential impact of digital assets on Pakistan’s economy.
Pakistan’s central bank has declared virtual currencies, including Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin and Pay Diamond, illegal and prohibited their sale, purchase and exchange in trading.
Aurangzeb directed stakeholders to formulate a comprehensive framework for a digital asset ecosystem that ensures security, transparency, regulatory compliance and economic viability.
“To enhance this initiative, the government will consider establishing a National Crypto Council, which will serve as a dedicated advisory body comprising key government representatives, regulatory authorities, and industry experts,” the Finance Division said in a statement.
“This Crypto Council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement.”
Pakistan currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees, according to the Finance Division.
The finance minister reaffirmed his commitment to regulating and encouraging this industry by adopting appropriate frameworks, laws and incentives to ensure transparency and facilitate digital business growth.
“Discussions also included the tokenization of key infrastructure and state-owned enterprises (SOEs) assets, allowing for increased liquidity, broader investor participation, and greater efficiency in capital markets,” it said.
“It was noted that various stakeholders, including foreign and domestic investors, have already developed product-ready digital asset solutions that could be explored within a regulatory sandbox.”
Aurangzeb stressed the importance of a well-regulated digital asset framework that aligns Pakistan with international best practices and complies with guidelines of the Financial Action Task Force (FATF), a global dirty money watchdog, according to the statement.
He highlighted the government’s commitment to exploring digital assets and integrating blockchain technology as part of its broader strategy to modernize the financial sector.
“The meeting concluded with a consensus on adopting a cautious yet forward-looking approach, ensuring that future developments in the digital asset space align with national interests, FATF guidelines and global financial standards,” the Finance Division said.
KARACHI: Pakistan’s central bank has set a target to increase bank account coverage in the country to 75 percent of the adult population in next three years, its governor said on Tuesday, aiming to reduce the gender gap to 25 percent by 2028.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64 percent of its adult population having a bank account, according to central bank figures.
This has increased from only 47 percent in 2018, while the gender gap has also been narrowed from 47 percent to 34 percent in recent years.
Speaking at the Pakistan Banking Summit 2025, State Bank of Pakistan (SBP) Governor Jameel Ahmad said financial inclusion was one of the core functions of the central bank.
“To achieve these ambitious targets, we want to enhance the depth, breadth, and quality of financial services, particularly for low-income individuals, the microfinance sector, SMEs (small, medium enterprises) and agriculture,” he said.
The development comes as part of the SBP’s Strategic Vision 2028, which focuses on promoting inclusive and sustainable access to financial services, building an innovative digital financial ecosystem, and enhancing efficiency, fairness and stability of the financial system.
Ahmad called on the banking industry to reassess its business strategy to “focus on mobilizing deposits and increasing credit to the private sector particularly the SMEs and agriculture sectors.”
“Our banks need to rethink their current business model, reassess their priorities, and play a more active role in financial intermediation,” he said.
Pakistan, which has faced an economic meltdown in recent years, is currently undertaking reforms to document and digitize economy and broaden its tax base.
The central bank chief urged the banking industry to increase their usage of artificial intelligence, based on cellular and satellite data, to provide cost-effective alternative delivery channels to enhance access, usage and quality of financial services.
He reiterated the need to “work on a war footing” to help businesses digitize their payments by providing digital transactional access, preferably via secure portals.
