Pakistan president meets Prince Rahim Aga Khan V, condoles over death of his ‘visionary’ father/node/2589640/pakistan
Pakistan president meets Prince Rahim Aga Khan V, condoles over death of his ‘visionary’ father
1 / 2
In this handout photo, released by the Associated Press of Pakistan, Pakistan President Asif Ali Zardari (left) condoles death of Prince Karim Aga Khan IV during a meeting with his son Prince Rahim Al-Hussaini Aga Khan V, spiritual leader of the Ismaili community, in Lisbon, Portugal on February 10, 2025. (APP)
2 / 2
People carry the coffin of Prince Karim Al-Hussaini, the Aga Khan IV and 49th hereditary imam of the Shiite Ismaili Muslims, who died Tuesday in Portugal, to be buried at the Aga Khan mausoleum, in Aswan, Egypt, on Feb. 9, 2025. (AP)
ISLAMABAD: Pakistan President Asif Ali Zardari on Monday met with Prince Rahim Al-Hussaini Aga Khan V, spiritual leader of the Ismaili community, in Portugal’s capital Lisbon and extended his condolences over the death of his “visionary” father, Prince Karim Aga Khan IV, the Pakistani foreign ministry said.
The late Aga Khan IV, who led the global Ismaili community for nearly seven decades, passed away last week at the age of 88. His death was announced by the Aga Khan Development Network (AKDN) and the Ismaili religious community.
A private funeral service took place at the Ismaili community center in Lisbon on Saturday, attended by Canadian Prime Minister Justin Trudeau, Spanish King Juan Carlos, Portugal’s President Marcelo Rebelo de Sousa and Pakistan’s Finance Minister Muhammad Aurangzeb. He was laid to rest on Sunday at a private ceremony in Aswan, Egypt.
Following the late Aga Khan’s passing, his eldest son, Prince Rahim Al-Hussaini, 53, was named the Aga Khan V, the 50th hereditary Imam of the Ismaili community, in accordance with his father’s will.
“Remembering the late Aga Khan as a visionary leader and humanitarian, the President praised his exceptional contributions to education, health care, and poverty alleviation,” the Pakistani foreign ministry said.
“He highlighted the Aga Khan Development Network’s (AKDN) lasting impact, including its vital role in Pakistan’s progress, particularly in underserved regions.”
Founded by the late Ismaili leader, the AKDN has been instrumental in various development projects in Pakistan, particularly in Gilgit-Baltistan and Chitral regions.
Initiatives such as the Aga Khan Rural Support Program have focused on poverty alleviation, health care, education and cultural preservation, significantly contributing to the socio-economic development of these areas. The Ismaili community in Pakistan, numbering in hundreds of thousands, has benefited from these initiatives, which have also had a positive impact on the national economy through improved infrastructure and human development.
During Monday’s meeting, Prince Rahim Aga Khan V thanked the Pakistan president for his condolences and reaffirmed his family’s commitment to continuing the mission of service and development, according to the Pakistani foreign ministry.
Zardari will also meet his Portuguese counterpart during his trip to the country, according to Pakistani state media.
ISLAMABAD: Pakistan’s jailed former Prime Minister Imran Khan on Monday urged his party and supporters to prepare for a “full-fledged nationwide protest movement,” renewing his challenge to the country’s government in a social media message from behind bars.
Khan, a former cricket star-turned-politician, was ousted from power in April 2022 through a parliamentary no-confidence vote. He later accused his political rivals and Pakistan’s military leadership of orchestrating his removal in coordination with the United States, a charge denied by all of them.
Following his ouster, Khan led a year-long anti-government campaign, holding rallies and sharply criticizing the army’s role in politics, further escalating civil-military tensions in the country. In August 2023, he was arrested and sentenced on graft charges, and has remained incarcerated since.
“I instruct my party, workers and supporters to get ready for a vigorous, countrywide movement,” Khan said in Urdu on the social media platform X. “This time, I will call for all of Pakistan to rise, not just Islamabad.”
The remarks come amid persistent speculation of backchannel talks between Khan’s camp and the military establishment, with reports suggesting he might accept a deal to secure release. However, Khan dismissed such suggestions in the same message, saying he would never bow to tyranny or accept injustice.
“I would rather spend my entire life behind bars than kneel before oppression and authoritarianism,” he said, adding the rule of law remained the central goal of his political struggle.
Khan’s Pakistan Tehreek-e-Insaf (PTI) party has repeatedly complained about a persistent government crackdown, with dozens of its leaders and workers detained. Khan said that peaceful protest was now the only option left.
“When all doors are shut on a political party, when oppression is inflicted and the judiciary is not free, peaceful protest is the only path left,” he said.
The former prime minister also addressed his party members directly in the message, warning those who defied party discipline and appeared to be aligning with rival interests.
“None of you are ‘electable’ in your own right,” he said. “You won on the basis of an ideology. I know who’s playing both sides on the wicket. Anyone who doesn’t follow party orders has no place in PTI.”
Khan added he intends to hold intra-party elections at the first available opportunity to bring grassroots workers into leadership positions.
“Party elections are essential so that committed workers can rise to the top,” he said.
While no date or timeline for the protest movement was announced, the call raises the prospect of renewed political instability in a country still reeling from economic crisis, a fragile coalition government and volatile civil-military relations.
India and Pakistan’s drone battles mark new arms race in Asia
India plans to invest as much as $470 million on UAVs over the next 12 to 24 months
Pakistan is likely to advance domestic drone production with Turkish and Chinese help
Updated 21 min 11 sec ago
Reuters
NEW DELHI/ISLAMABAD: A little after 8:00 p.m. on May 8, red flares streaked through the night sky over the northern Indian city of Jammu as its air-defense systems opened fire on drones from neighboring Pakistan.
The Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other.
The fighting halted after the US announced it brokered a ceasefire but the South Asian powers, which spent more than $96 billion on defense last year, are now locked in a drones arms race, according to Reuters’ interviews with 15 people, including security officials, industry executives and analysts in the two countries.
Two of them said they expect increased use of UAVs by the nuclear-armed neighbors because small-scale drone attacks can strike targets without risking personnel or provoking uncontrollable escalation.
India plans to invest heavily in local industry and could spend as much as $470 million on UAVs over the next 12 to 24 months, roughly three times pre-conflict levels, said Smit Shah of Drone Federation India, which represents over 550 companies and regularly interacts with the government.
The previously unreported forecast, which came as India this month approved roughly $4.6 billion in emergency military procurement funds, was corroborated by two other industry executives. The Indian military plans to use some of that additional funding on combat and surveillance drones, according to two Indian officials familiar with the matter.
Defense procurement in India tends to involve years of bureaucratic processes but officials are now calling drone makers in for trials and demonstrations at an unprecedented pace, said Vishal Saxena, a vice president at Indian UAV firm ideaForge Technology.
The Pakistan Air Force, meanwhile, is pushing to acquire more UAVs as it seeks to avoid risking its high-end aircraft, said a Pakistani source familiar with the matter. Pakistan and India both deployed cutting-edge generation 4.5 fighter jets during the latest clashes but cash-strapped Islamabad only has about 20 high-end Chinese-made J-10 fighters compared to the three dozen Rafales that Delhi can muster.
Pakistan is likely to build on existing relationships to intensify collaboration with China and Turkiye to advance domestic drone research and production capabilities, said Oishee Majumdar of defense intelligence firm Janes.
Islamabad is relying on a collaboration between Pakistan’s National Aerospace Science and Technology Park and Turkish defense contractor Baykar that locally assembles the YIHA-III drone, the Pakistani source said, adding a unit could be produced domestically in between two to three days.
Pakistan’s military declined to respond to Reuters’ questions. The Indian defense ministry and Baykar did not return requests for comment.
An Indian army soldier looks at a drone at Akhnoor sector near the Line of Control (LoC) in Jammu region on May 19, 2025. (AFP/File)
India and Pakistan “appear to view drone strikes as a way to apply military pressure without immediately provoking large-scale escalation,” said King’s College London political scientist Walter Ladwig III.
“UAVs allow leaders to demonstrate resolve, achieve visible effects, and manage domestic expectations — all without exposing expensive aircraft or pilots to danger,” he added.
But such skirmishes are not entirely risk-free, and Ladwig noted that countries could also send UAVs to attack contested or densely populated areas where they might not previously have used manned platforms.
DRONE SWARMS AND VINTAGE GUNS
The fighting in May, which was the fiercest in this century between the neighbors, came after an April 22 militant attack in the disputed Himalayan region of Kashmir that killed 26 people, mostly Indian tourists.
Delhi blamed the killings on “terrorists” backed by Islamabad, which denied the charge. Indian Prime Minister Narendra Modi vowed revenge and Delhi on May 7 launched air strikes on what it described as “terrorist infrastructure” in Pakistan.
The next night, Pakistan sent hordes of drones along a 1,700-kilometer (772-mile) front with India, with between 300 and 400 of them pushing in along 36 locations to probe Indian air defenses, Indian officials have said.
Pakistan depended on Turkish-origin YIHA-III and Asisguard Songar drones, as well as the Shahpar-II UAV produced domestically by the state-owned Global Industrial & Defense Solutions conglomerate, according to two Pakistani sources.
But much of this drone deployment was cut down by Cold War-era Indian anti-aircraft guns that were rigged to modern military radar and communication networks developed by state-run Bharat Electronics, according to two Indian officials.
A Pakistan source denied that large numbers of its drones were shot down on May 8, but India did not appear to sustain significant damage from that drone raid.
India’s use of the anti-aircraft guns, which had not been designed for anti-drone-warfare, turned out to be surprisingly effective, said retired Indian Brig. Anshuman Narang, now an UAV expert at Delhi’s Center for Joint Warfare Studies.
“Ten times better than what I’d expected,” he said.
India also sent Israeli HAROP, Polish WARMATE and domestically-produced UAVs into Pakistani airspace, according to one Indian and two Pakistan sources. Some of them were also used for precision attacks on what two Indian officials described as military and militant infrastructure.
The two Pakistani security sources confirmed that India deployed a large number of the HAROPs — a long-range loitering munition drone manufactured by Israel Aerospace Industries. Such UAVs, also known as suicide drones, stay over a target before crashing down and detonating on impact. Pakistan set up decoy radars in some areas to draw in the HAROPs, or waited for their flight time to come toward its end, so that they fell below 3,000 feet and could be shot down, a third Pakistani source said.
Drones are displayed during the International Defence Exhibition and Seminar (IDEAS 2024) in Karachi, Pakistan November 21, 2024. (Reuters/File)
Both sides claim to have notched victories in their use of UAVs.
India successfully targeted infrastructure within Pakistan with minimal risk to personnel or major platforms, said KCL’s Ladwig. For Pakistan’s military, which claimed to have struck Indian defense facilities with UAVs, drone attacks allow it to signal action while drawing less international scrutiny than conventional methods, he noted.
CHEAP BUT WITH AN ACHILLES HEEL
Despite the loss of many drones, both sides are doubling down.
“We’re talking about relatively cheap technology,” said Washington-based South Asia expert Michael Kugelman. “And while UAVs don’t have the shock and awe effect of missiles and fighter jets, they can still convey a sense of power and purpose for those that launch them.”
Indian defense planners are likely to expand domestic development of loitering munitions UAVs, according to an Indian security source and Sameer Joshi of Indian UAV maker NewSpace, which is deepening its research and development on such drones.
“Their ability to loiter, evade detection, and strike with precision marked a shift toward high-value, low-cost warfare with mass produced drones,” said Joshi, whose firm supplies the Indian military.
And firms like ideaForge, which has supplied over 2,000 UAVs to the Indian security forces, are also investing on enhancing the ability of its drones to be less vulnerable to electronic warfare, said Saxena.
Another vulnerability that is harder to address is the Indian drone program’s reliance on hard-to-replace components from China, an established military partner of Pakistan, four Indian dronemakers and officials said.
India continues to depend on China-made magnets and lithium for UAV batteries, said Drone Federation India’s Shah.
“Weaponization of the supply chain is also an issue,” said ideaForge’s Saxena on the possibility of Beijing shutting the tap on components in certain situations.
For instance, Chinese restrictions on the sale of drones and components to Ukraine have weakened Kyiv’s ability to produce critical combat drones, according to the Center for Strategic and International Studies think-tank.
A spokesperson for China’s Foreign Ministry said in response to Reuters’ questions that Beijing has always implemented export controls on dual-use items in accordance with domestic laws and regulations as well as its international obligations.
“Diversification of supply chain is a medium to long term problem,” said Shah. “You can’t solve it in short term.”
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday praised the Iranian leadership for its “farsightedness” in pursuing nuclear negotiations with the United States and expressed hope for a positive outcome during a meeting with Supreme Leader Ayatollah Ali Khamenei in Tehran.
Sharif arrived in Iran earlier in the day after a stop in Istanbul, as part of a regional diplomacy tour that includes upcoming visits to Azerbaijan and Tajikistan. His trip follows a brief but intense military standoff with neighboring India, in which the two nuclear-armed rivals exchanged missile, drone and artillery fire.
Pakistan has thanked Tehran for its support during the conflict.
“The Prime Minister praised the farsightedness of the Iranian leadership in pursuing the nuclear negotiations with the United States and hoped that a constructive deal is reached between the two countries that can promote peace and stability in the region,” Sharif’s office said in a statement.
Talks between Iran and the US aim to limit Tehran’s nuclear program in exchange for the lifting of US sanctions. A key sticking point remains uranium enrichment, with Washington asking Iran to halt its program, while Tehran insisting on its right to continue enrichment for civilian purposes.
During the meeting, Sharif also informed Khamenei about Pakistan’s recent conflict with India and accused New Delhi of “hegemonistic and revisionist designs.”
He emphasized Pakistan’s desire for regional peace and economic development, and expressed a commitment to deepening strategic cooperation with Iran “in complex geo-political times.”
The Prime Minister’s Office said Khamenei praised Sharif’s efforts to promote peace and regional stability and reaffirmed support for closer bilateral ties.
Earlier on Monday, Sharif also met newly elected Iranian President Masoud Pezeshkian.
At a joint press conference, the two leaders discussed bilateral cooperation, with Pezeshkian emphasizing the need for secure and peaceful borders free from militant and criminal activity.
Relations between the two neighbors became strained last year after Iran launched strikes inside Pakistani territory against suspected militant hideouts, prompting retaliatory strikes by Islamabad against separatist militants in Iran.
Both sides have since sought to de-escalate tensions and pledged to respect each other’s sovereignty.
Sharif concluded his meeting with Khamenei by inviting the Supreme Leader to visit Islamabad and expressed appreciation for his admiration of Dr. Muhammad Iqbal, Pakistan’s national poet.
ISLAMABAD: Pakistan on Tuesday condemned Indian Prime Minister Narendra Modi’s warning to its citizens to eliminate terrorism or face his “bullet,” calling it a violation of the United Nations Charter, which urges member states to settle disputes peacefully and refrain from threats or the use of force.
Tensions have remained high between the two nuclear-armed neighbors since an April attack on tourists in Indian-administered Kashmir, which New Delhi blamed on Pakistan. Islamabad denied any involvement, but the situation escalated into a four-day military conflict before a US-brokered ceasefire was announced.
The US administration said both countries had agreed to meet at a neutral venue to discuss their outstanding issues. Pakistan has expressed readiness for a “composite dialogue” on all matters, though talks have yet to take place amid domestic criticism in India over accepting international mediation.
“Pakistan has taken note of the recent remarks by the Prime Minister of India, delivered in Gujarat with the theatrical flourish of a campaign rally rather than the sobriety expected of the leader of a nuclear-armed state,” the foreign office said in a statement issued early Tuesday.
“Such statements blatantly violate the fundamental principles of the United Nations Charter, which obliges member states to resolve disputes peacefully and to refrain from the threat or use of force against the sovereignty or political independence of other states,” it added.
Islamabad called the remarks “a reckless provocation” and accused India of trying to deflect attention from what it described as rights abuses and demographic changes in Indian-administered Kashmir.
Modi said during the rally the people of Pakistan, especially its youth, must step forward to rid their country of “the disease of terrorism.”
“Live a life of peace, eat your bread or else my bullet is always an option,” he added, drawing applause from the crowd.
Responding to his comment, the foreign office said: “Pakistan’s record as a leading contributor to UN peacekeeping and its consistent cooperation in global counter-terrorism efforts speak louder than any hostile soundbite.”
It noted if extremism was truly a concern for India, it should focus on rising religious intolerance and the marginalization of minorities under what it called “the increasingly brutal Hindutva ideology.”
While reaffirming its commitment to peace based on mutual respect and sovereign equality, Pakistan warned any threat to its security or territorial integrity would be met with “firm and proportionate measures,” citing Article 51 of the UN Charter.
The foreign office also urged the international community to take “serious note” of India’s escalating rhetoric, saying it posed a risk to regional stability and efforts toward lasting peace.
KARACHI: Pakistan’s stock market is expected to experience a “bumpy ride” in the coming days due to what some analysts on Monday described as a challenging new budget the South Asian nation is set to announce next month in line with recommendations from the International Monetary Fund (IMF).
Prime Minister Shehbaz Sharif’s administration has been in talks with the IMF over its new fiscal plan, though the Fund’s team left Pakistan last week without reaching an agreement on key issues, including higher defense spending and the proposed taxation of agricultural income.
As a result, the benchmark KSE-100 Index remained largely flat in recent days and slipped 0.7% to 118,221 points on Monday, following rumors that the government planned to raise the Capital Gains Tax (CGT) on share trading income.
“Given the new measures that have been IMF-driven and that are impacting sentiment at the stock exchange, we are expecting some bumpy rides and [do] not [expect] a clean ride up like we saw in the prior year,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News in an interview.
A man walks past Pakistan Stock Exchange building in Karachi on May 26, 2025. (AN Photo)
Finance Minister Muhammad Aurangzeb is expected to present the new budget on June 10 in Pakistan’s National Assembly, the parliament’s lower house, after the government postponed its earlier budget date of May 2 by nearly a week.
SMALL INVESTORS
The prevailing uncertainty has kept small investors like Abdur Rauf and Jawed Khanani from buying stocks, fearing an unfavorable outcome from the ongoing budget talks between the government and the IMF.
“If the budget turns out negative for the market, our money will get stuck,” said Rauf, a 68-year-old retailer, who said his “investment level has come down to 25% due to the budget factor.”
He maintained the government, by taxing bonus shares, was discouraging listed companies from issuing them to shareholders.
“They [the companies] are now giving dividends, which too have been taxed at 15% for tax filers and 30% for non-filers,” he said, adding, “after deducting the dividend tax and members’ [brokers’] commission, the investor is left with little money.”
Due to heavy taxation, small investors, mostly households and retired salaried individuals, have almost disappeared from the equity market, while large investors are also operating under pressure.
Jawed Khanani, Pakistani retail investor, gestures during an interview with Arab News’ business correspondent at the Pakistan Stock Exchange in Karachi, ahead of Pakistan’s upcoming federal budget. (AN Photo)
“The government should exempt dividends [from taxes], reduce the [brokers’] commission and abolish the tax on bonus shares so that investors could get some relief from companies and fresh investments could come to the market,” Rauf told Arab News.
Khanani also expressed concern over rumors of increased tax on dividend income and hoped the new budget would bring down existing tax rates.
“People hope that the [existing] 15% CGT on non-filers [of tax] should be brought down to 12% or 10%,” he said, seated in a small trading booth at the Pakistan Stock Exchange’s main trading hall.
GROWTH-ORIENTED OR CHALLENGING BUDGET?
Meanwhile, big market players like Arif Habib, chairman of the Arif Habib Group, one of Pakistan’s leading business conglomerates, are optimistic the government will unveil a growth-oriented budget after stabilizing the economy over the past year.
“You see, after the [economic] stabilization, the market expectations are that the new policies would be for the growth in the economy,” he told Arab News in an interview.
Regarding high taxes, he said the government was “very much concerned that the taxation rates in Pakistan are high” and would aim to provide maximum relief to investors and the general public if the IMF agrees to its proposals.
Staffers at Arif Habib Commodities Ltd. work inside the Pakistan Stock Exchange in Karachi on May 26, 2025, during Arab News’ special coverage ahead of Pakistan’s upcoming federal budget. (AN Photo)
Habib, who is believed to have close connections in policymaking circles, informed the IMF’s broader conditions hinge on the size of the budget deficit.
“The Pakistani side wants to have some aggressive approach,” he continued. “They wish that we may, in fact, incur some budget deficit, higher budget deficit, but give relief to the investors and to the general public.”
However, he noted this would depend on the IMF’s approval of a fiscal gap figure the Sharif government may be proposing for the next year.
“Now the number in fact being discussed in the market is about 5.1% or 4.9%,” he said.
Arif Habib, chairman of Arif Habib Group, speaks during an interview with Arab News’ business correspondent in Karachi, ahead of Pakistan’s upcoming federal budget. (AN Photo)
Habib said he sees no “element of harshness” in the new budget but noted that the key question for the government is how much relief it can offer the market.
“Expectations are high,” he added. “And if those are not met, then the markets would not, in fact, be happy about it.”
Analyst Mehanti offered a contrasting view, saying higher taxes are likely for sectors listed on the PSX.
“It will be a very, you know, challenging budget,” he said. “We are expecting, you know, higher levies for oils, fertilizer, stock market and real estate.”
