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Pakistani, Bahraini naval officials discuss maritime security, defense collaboration

Pakistani, Bahraini naval officials discuss maritime security, defense collaboration
Pakistan’s Chief of the Naval Staff Admiral Naveed Ashraf (left) present souvenir to ahrain's King Hamad bin Isa Al-Khalifa and the Crown Prince Salman bin Hamad Al-Khalifa during his visit to Bahrain on December 15, 2024. (Pakistan Navy)
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Updated 16 December 2024
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Pakistani, Bahraini naval officials discuss maritime security, defense collaboration

Pakistani, Bahraini naval officials discuss maritime security, defense collaboration
  • Pakistan regularly holds joint exercises with allies to deter piracy, drug trafficking and other illicit maritime activities
  • Naval Chief Admiral Naveed Ashraf also met Bahrain’s King Hamad bin Isa, who appreciated Pakistan’s role in maritime security
Updated 16 December 2024
Arab News Pakistan
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ISLAMABAD: Pakistan’s Chief of the Naval Staff Admiral Naveed Ashraf on Sunday called on the highest civil and military leadership of Bahrain, and discussed maritime security and defense collaboration between the two countries, Pakistan Navy said.
During the official visit, the naval chief held meetings with Bahrain’s King Hamad bin Isa Al-Khalifa and Crown Prince Salman bin Hamad Al-Khalifa, according to Pakistan Navy’s Directorate General of Public Relations (DGPR).
Admiral Naveed Ashraf met the Commander-in-Chief of Bahrain Defense Force (BDF), Field Marshal Shaikh Khalifa bin Ahmed Al-Khalifa, Commander of Bahrain National Guard, General Shaikh Mohammed bin Isa bin Salman Al-Khalifa, and Commander of Royal Bahrain Naval Force (RBNF), Rear Admiral Ahmed Mohammed Ibrahim Al-Binali.
“During these engagements, professional matters of mutual interest, including regional maritime security and bilateral defense collaboration, were discussed,” the DGPR said in a statement.
“The [Pakistani] naval chief emphasized the importance of enhancing interactions between the armed forces of both countries through joint exercises, mutual visits, and training exchange programs.”
Pakistan Navy regularly collaborates and holds joint military exercises with allies to increase synergy, promote regional peace and stability and deter piracy, drug trafficking and other illicit maritime activities.
Admiral Ashraf also visited RBNF Ship Manama and the Royal Command and Staff College.
In his address at the Royal Command and Staff College, the Pakistani naval chief elaborated on current and emerging environment in the Indian Ocean region and highlighted the need for a “region-centric maritime security construct,” according to the DGPR.
The visit is expected to further strengthen and expand defense ties between the two brotherly nations.

Topics: Pakistan Bahrain Ties Admiral Naveed Ashraf

Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
Updated 30 sec ago
Reuters
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Pakistan central bank cuts key rate by 200 bps, fifth in a row

Pakistan central bank cuts key rate by 200 bps, fifth in a row
  • This is fifth straight reduction since June as country keeps up efforts to revive a sluggish economy with inflation easing
  • Pakistan’s latest move makes this year’s cuts most aggressive among emerging market central banks in current easing cycle
Updated 30 sec ago
Reuters

KARACHI: Pakistan’s central bank cut its key policy rate by 200 basis points to 13% on Monday, it said in a statement, for a fifth straight reduction since June as the country keeps up efforts to revive a sluggish economy with inflation easing.

Pakistan’s latest move makes this year’s cuts the most aggressive among emerging market central banks in the current easing cycle, barring outliers such as Argentina.

The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.

All 12 analysts surveyed by Reuters expected a 200 bps cut, after inflation fell sharply, slowing to 4.9% in November, largely due to a high base a year earlier, coming in below the government’s forecast and significantly lower than a multi-decade high of around 40 percent in May last year.

Monday’s move follows cuts of 150 bps in June, 100 in July, 200 in September, and a record cut of 250 bps in November, that have taken the rate down from an all-time high of 22%, set in June 2023 and left unchanged for a year.

It takes the total cuts to 900 bps since June.
 

Topics: Pakistan State Bank of Pakistan monetary policy Arab News Pakistan

Pakistan attends China’s Indian Ocean forum, seeking blue economy opportunities, regional integration

Pakistan attends China’s Indian Ocean forum, seeking blue economy opportunities, regional integration
Updated 34 min 1 sec ago
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Pakistan attends China’s Indian Ocean forum, seeking blue economy opportunities, regional integration

Pakistan attends China’s Indian Ocean forum, seeking blue economy opportunities, regional integration
  • China has significantly expanded Indian Ocean engagements over past three decades, raising concern in US and India 
  • Over 200 delegates from 20 countries and international organizations participating in 3rd China-Indian Ocean Region Forum
Updated 34 min 1 sec ago
Arab News Pakistan

ISLAMABAD: Pakistani President Asif Ali Zardari virtually attended the 3rd China-Indian Ocean Region Forum on Monday, a dialogue Beijing says is aimed at connecting governments, financial institutions and businesses to promote regional integration in the development of the blue economy.

Over 200 delegates from 20 countries and international organizations are participating in the event, which is themed: “Future of the Blue Indian Ocean Development, Practices of the Global South” and taking place from Dec. 15-17.

China says the forum represents its concrete actions in supporting development cooperation for the Global South, with the aim of advancing the Global Development Initiative and driving development for countries in the Global South, particularly nations in the Indian Ocean and small island developing countries. The forum is also meant to be a key driver for the sustainable development of the blue economy.

However, as China has significantly expanded its engagements in the Indian Ocean region over the past three decades, concern has risen among American and Indian strategists that its growing naval presence, together with its use of so-called “debt-trap diplomacy,” might provide it with meaningful military advantages far from its shores.

“Zardari has reaffirmed Pakistan’s commitment to promote regional marine cooperation and ensuring peace, progress and sustainability in the Indian Ocean region,” state broadcaster Radio Pakistan said after the president addressed the forum virtually. 

“President stressed the need for collective action to harness the ocean’s potential while addressing the pressing challenges of climate change, pollution, and ecosystem degradation.”

Zardari said Pakistan was ready to partner with all stakeholders to promote marine cooperation and ensure that the Indian Ocean region remained a “bastion of peace, progress, and sustainability.”

Pointing to Pakistan’s efforts to enhance its blue economy, Zardari said it had formulated the National Maritime Policy, launched The Living Indus Initiative, a program by the government of Pakistan and the United Nations to restore the ecological health of the Indus River, and started other initiatives focusing on sustainable fisheries and marine conservation.

The development of the southwestern Gwadar Port under the China-Pakistan Economic Corridor (CPEC) would transform the port city into a regional connectivity hub to drive trade and maritime economic growth, Zardari added. 

“He praised Pakistan’s partnership with China, under the Belt and Road Initiative, emphasizing its role in knowledge exchange, technological advancement and marine conservation,” Radio Pakistan said. 

“The President commended China’s Global Development Initiative and CIDCA’s efforts to embed sustainability in the Forum’s goals. He expressed appreciation for the inclusion of capacity building and island nations in the Forum’s agenda, saying that it aligned with Pakistan’s vision of transnational collaboration and environmental stewardship.”

China has an extensive network of military satellites but just one dedicated military base, and no air cover from land or sea, for Indian Ocean naval deployments.

In its October annual report on China’s military, the Pentagon lists 11 potential Chinese bases on the ocean’s fringes, including Pakistan, Tanzania and Sri Lanka. Those locations reflect Chinese diplomatic and commercial outreach under Xi’s Belt and Road Initiative.

But these have not emerged as hard military assets, with neither a permanent Chinese army presence nor publicly known guarantees of access in a conflict. The Pentagon report notes, in language used for the first time this year, that China still “has little power projection capability” in the Indian Ocean.

Topics: Pakistan China Ties Indian Ocean forum 3rd China-Indian Ocean Region Forum China-Indian Ocean Region Forum

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 16 December 2024
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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 16 December 2024
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 16 December 2024
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 16 December 2024
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

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