Business

Pakistan condemns the continuing Israeli assaults in Gaza and calls for action from the UNSC.

Published

1 day ago

Bilal

Condemning Israel’s violent assaults in Gaza that resulted in 400 Palestinian fatalities, Pakistan urged the UN Security Council on Tuesday to call for an end to the genocidal conflict in the region and the enforcement of the ceasefire agreement established on January 15.

“Israel’s aggression, attacks, and the massacre of Palestinians must cease,” stated Ambassador Munir Akram, Pakistan’s permanent representative to the UN, during the urgent session of the 15-member Council convened to address the renewal of Israeli assaults in Gaza.

The meeting was initiated by Algeria and Somalia, with support from Pakistan and additional Council members; it was initially intended to address humanitarian assistance for besieged Gaza and Israel’s embargo amid stagnant ceasefire negotiations.

In his remarks, Ambassador Akram said that the war in Gaza and the occupied Palestinian Territory is at another “tragic milestone”.

“This conflict and the response of the Security Council and the international community to the atrocities committed will significantly influence the future world order that we and subsequent generations will inherit,” he remarked, highlighting the death toll and its effects on civilians.

More than 50,000 individuals have perished in Gaza, with 150,000 sustaining injuries, two-thirds of whom are women and children. He emphasized the assaults on hospitals, schools, mosques, and civilian infrastructure.

“All principles and articles of international law and humanitarian law have been egregiously violated without consequence, contravening the resolutions of the General Assembly, the Security Council, and the International Court of Justice (ICJ),” he stated.

Ambassador Akram cautioned that if the international community fails to respond justly to the events occurring in the region, “our world order may regress into the barbarism from which the UN Charter was intended to save us.”

The Pakistani envoy stated that the prospect of peace fostered by the truce and the Arab peace plan is evidently unwelcome to the hardline authorities currently governing Israel, as they perceive their survival in the perpetuation of conflict.

“However, does this serve the interests of the hostages?” Does this serve the interests of the Israeli populace? Does this serve the interests of the Palestinians? Is this conducive to global order? The answer appears to be evident.

The initial strategy to undermine the ceasefire agreement, he stated, was the implementation of a humanitarian blockade, aimed at extracting concessions beyond the ceasefire terms by obstructing trucks, severing electricity and water supplies, limiting NGO operations, and restricting Muslim access to the Holy Al-Aqsa Mosque during the sacred month of Ramadan.

“These constitute tactics employed by the oppressor,” stated Ambassador Akram. “And now, they have escalated to blatantly violate the ceasefire and resume attacks against the helpless Palestinians in Gaza who were just returning to rebuild their homes.”

The Pakistani envoy called for full implementation of all phases of the Gaza ceasefire agreement, including permanent and comprehensive cessation of Israeli hostilities, return of displaced persons to their homes, withdrawal of Israeli forces, opening all crossings, adequate humanitarian access to all parts of the Gaza Strip, and a comprehensive reconstruction plan for Gaza and humanitarian assistance resumed.

Amnesty International asserts that Israel’s determination to obstruct humanitarian aid to Gaza constitutes a war crime and represents collective punishment of the civilian populace. It’s a continuation of the policy to impose on Palestinians conditions of life calculated to bring about their physical destruction. This is genocide.”

The Pakistani envoy stated that Israeli assault in the West Bank must cease.

“We must ensure the revival of a credible and irreversible political process towards a two-state solution and the establishment of an independent, sovereign Palestinian state within the pre-1967 borders with Al-Quds al-Sharif as its capital. “This represents the sole feasible route to lasting peace,” Ambassador Akram stated.

Business

The benchmark PSX 100 index reaches a record high and closes at 118,770 points.

Published

12 hours ago

Bilal

The benchmark KSE-100 Index closed at a record high of 118,770 points after rising 796 points.

The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) has grown significantly during the last six months, hitting previously unheard-of heights.

September 2024: With a week-over-week rise of 3.36%, the index closed at 82,074 points, indicating a strong positive trend.

December 2024: On December 12, 2024, the KSE-100 Index closed at 114,180.5 points, breaking through the 114,000-point barrier for the first time.

January 2025: After reaching a record high of 72,743 points on January 26, 2025, the index experienced a minor downturn, falling 2.16% over two sessions to close at 71,103 points on January 28, 2025.

The market recovered in February 2025, and the KSE-100 Index ended the day at 113,342.44 points.

Business

PSX reaches an unprecedented peak of 118,000 in light of economic advancements.

Published

1 day ago

Bilal

On Wednesday, the Pakistan Stock Exchange (PSX) reached an unprecedented peak of 118,000, driven by favorable data.

The PSX had a sustained buying frenzy as bullish sentiment prevailed for the third straight day.

The KSE-100 Index surged by 1,200 points, reaching an unprecedented high of 118,243 during early trading hours.

The index subsequently closed at 117,974, reflecting an increase of 972 points. A total of 221 companies reported profits, while 157 incurred losses.

Read more: Stocks trade flourishes surpasses 116000 mark

Significant purchasing activity was observed across several industries, including automobile manufacturers, cement producers, commercial banks, oil and gas exploration firms, oil marketing businesses, power generation entities, and refineries.

Index-heavy equities such as PRL, NRL, HUBCO, MARI, OGDC, PPL, POL, HBL, MEBL, and NBP also had gains.

On Tuesday, the KSE-100 index concluded at 117,001 points, reflecting an increase of 801 points.

Analysts assert that the government’s pivotal initiatives, particularly those aimed at addressing the circular debt problem, have precipitated an investment surge and an increase in stock exchange profits.

Business

The World Bank has sanctioned a loan of 102 million dollars for Pakistan’s microfinance sector.

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1 day ago

Bilal

The World Bank approved $102 million for the Resilient and Accessible Microfinance (RAM) Project, designed to improve access to microcredit and bolster the resilience of the microfinance sector and its borrowers, especially against climate-related disruptions, in Pakistan.

Microfinance serves as an essential instrument for enhancing the livelihoods of at-risk individuals in Pakistan. Najy Benhassine, World Bank Country Director for Pakistan, stated, “This project will enhance the resilience of the microfinance sector, particularly against escalating climate risks, thereby ensuring the sector’s capacity to deliver vital financial services to those most in need, especially in rural regions.”

The country director stated, “This project aligns with our overarching commitment to advancing financial inclusion in Pakistan and enhancing resilience to climate change, as outlined in our new 10-year Country Partnership Framework.”

The RAM Project is anticipated to assist about 1.89 million individuals, comprising over 1 million women and more than 350,000 youth, particularly within vulnerable and low-income rural communities, as stated in a news release from the World Bank.

The project supplies financial resources to microfinance institutions, enabling them to maintain services under climate-induced financial strains. The project will enhance access to microcredit for individuals and small enterprises by offering ‘recovery loans’ to facilitate their financial stability.

“The Resilient and Accessible Microfinance Project has been formulated based on insights gained from the catastrophic floods of 2022 and represents a crucial advancement in enhancing financial inclusion in Pakistan,” stated Namoos Zaheer, Task Team Leader for the Project. “It will augment economic empowerment and resilience for individuals at the base of the economic pyramid, especially women, small-scale farmers, and rural families who are more susceptible to climate disruptions.”

The Ministry of Finance will execute the project via the State Bank of Pakistan. This will be the initial intervention in a series aimed at supporting the sector, developed and implemented in close collaboration with other international financial institutions.

The project’s key components comprise the creation of a Climate Risk Fund, the innovative application of agrotechnological solutions, the enhancement of microfinance institutions’ capacities, and the formulation of risk management frameworks to bolster the sector’s resilience.

The initiative is partially funded by a $23 million grant from the Global Shield Financing Facility (GSFF). The GSFF is a multi-donor trust fund administered by the World Bank Group and funded by the governments of Canada, Germany, Japan, Luxembourg, and the United Kingdom.