Bangladesh and Pakistan begin direct government-to-government trade

Bangladesh and Pakistan begin direct government-to-government trade
In this handout photo, taken and released by Karachi Port Trust, a container ship is docked at the Karachi Port in Karachi on May 29, 2024. (Photo courtesy: KPT/File)
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Bangladesh and Pakistan begin direct government-to-government trade

Bangladesh and Pakistan begin direct government-to-government trade
  • Senior food ministry official says Bangladesh is importing 50,000 tons of rice from Pakistan
  • Private Bangladeshi companies have imported Pakistani rice for years via countries like Sri Lanka

DHAKA: Bangladesh and Pakistan have started direct government-to-government trade after decades of troubled relations with imports of 50,000 tons of rice, Dhaka said Tuesday.
The two countries were once one nation but split in a brutal 1971 war, with Bangladesh drawing closer to India.
However, long-time Bangladeshi prime minister Sheikh Hasina was ousted in an August 2024 revolution, fleeing by helicopter to her old ally India, where she has defied extradition requests to face charges of crimes against humanity.
Relations between India and Bangladesh’s new government have been frosty since then, allowing Islamabad and Dhaka to rebuild ties slowly.
Direct private trade between the countries restarted in November 2024, when a container ship sailed from Pakistan’s Karachi to Bangladesh’s Chittagong.
It was the first cargo ship in decades to sail directly between the countries.
“For the first time we are importing 50,000 tons of rice from Pakistan, and it is the first government-to-government deal between the two countries,” Ziauddin Ahmed, a senior official at the food ministry in Dhaka, said Tuesday.
Bangladesh’s Directorate General of Food signed a memorandum of understanding with the state-owned Trading Corporation of Pakistan (TCP) in January for rice imports.
Ahmed said trade with Pakistan offers a “new avenue of sourcing and competitive pricing,” with state authorities in recent years importing the staple from India, Thailand and Vietnam.
Imports are critical to low-lying Bangladesh, a nation that is among the world’s most vulnerable to climate change, with large areas made up of deltas where the Ganges and the Brahmaputra rivers wind toward the sea.
The country of 170 million is particularly at risk of devastating floods and cyclones — disasters that only stand to accelerate as the planet keeps warming.
Private Bangladeshi companies have imported Pakistani rice for years, but Pakistani goods previously had to be off-loaded onto feeder vessels — usually in Sri Lanka, Malaysia or Singapore — before traveling on.
India and Pakistan — carved out of the subcontinent at the chaotic end of British colonial rule in 1947 — have fought multiple wars and remain bitter foes.
Meanwhile, China is wooing Bangladesh’s leaders, with members of the powerful Bangladesh National Party (BNP) on a visit to Beijing, the latest group offered a tour after trips by members of the Jamaat-e-Islami and other Islamist parties.
India has long been wary of China’s growing regional clout and the world’s two most populous countries compete for influence in South Asia, despite a recent diplomatic thaw.
China said this month that it was preparing dedicated hospitals for Bangladeshi patients after relations soured with India, which was once a major health care destination for them.


Pakistani, Azeri bourses sign agreement to exchange expertise 

Pakistani, Azeri bourses sign agreement to exchange expertise 
Updated 7 sec ago
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Pakistani, Azeri bourses sign agreement to exchange expertise 

Pakistani, Azeri bourses sign agreement to exchange expertise 
  • Both to exchange expertise in market operations, product development and regulatory best practices, says Pakistani bourse
  • Development takes place a day after Pakistan and Azerbaijan signed several agreements to enhance cooperation in vital sectors

ISLAMABAD: Pakistani and Azeri bourses on Tuesday signed a memorandum of understanding (MoU) to exchange expertise in market operations, product development and regulatory best practices, the Pakistan Stock Exchange (PSX) said. 

The development takes place a day after Prime Minister Shehbaz Sharif held bilateral and delegation-level talks with Azerbaijan President Ilham Aliyev during his two-day visit to the Central Asian country. Sharif’s visit was part of Pakistan’s broader push for economic policy as it eyes enhanced trade and investment with landlocked Central Asia. 

The MOU was signed by PSX Managing Director and CEO Farrukh H. Sabzwari and Ruslan A. Khalilov, chairman of the Baku Stock Exchange’s management board, in a virtual ceremony. 

“Under the partnership, PSX and BSE will exchange expertise in market operations, product development, and regulatory best practices,” the PSX said. 

The statement said that the MoU aims to establish “robust communication channels” and strengthen the relationship between both countries’ capital markets. This in turn would foster mutual growth and development in their financial services sectors. 

The Pakistani bourse said the collaboration will explore cross-border investments and initiatives to enhance market efficiency and liquidity. 

“Key areas of cooperation include facilitating dual listings and investment fund trading, jointly developing products, sharing insights on market operations and regulations, supporting staff secondments, and engaging in capacity-building initiatives for mutual benefit,” the statement said. 

Sabzwari described the development as an “important milestone” to strengthen cooperation between the capital markets of both countries. 

“We believe that by sharing knowledge and expertise, both exchanges can create more dynamic & competitive capital markets, ultimately benefiting investors and businesses in both countries,” he said. 

Khalilov said the BSE is “delighted” to partner with the PSX to advance capital markets in the region. 

“This MoU opens doors to innovative opportunities, cross-border investments, and knowledge exchange, paving the way for a stronger financial future for both Azerbaijan and Pakistan,” he was quoted as saying by the PSX. 

Pakistan has aggressively eyed business deals with Azerbaijan in recent months. The two countries signed several agreements to enhance cooperation in the trade, energy, tourism and education sectors on Monday during Sharif’s Baku visit. 

In July 2024, the top leaders of the two nations discussed investment and trade projects worth $2 billion during Aliyev’s state visit to Pakistan. In September 2024, Pakistan signed a contract to supply JF-17 Block III fighter jets to Azerbaijan, highlighting deepening defense cooperation.


Pakistani minister meets SRMG CEO, discusses media collaboration, digital innovation opportunities

Pakistani minister meets SRMG CEO, discusses media collaboration, digital innovation opportunities
Updated 25 February 2025
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Pakistani minister meets SRMG CEO, discusses media collaboration, digital innovation opportunities

Pakistani minister meets SRMG CEO, discusses media collaboration, digital innovation opportunities
  • Meeting took place as Tarar was in Riyadh last week to attend Saudi Media Forum 2025 from Feb. 19-21
  • Saudi Research and Media Group is the largest integrated media house in the Middle East and North Africa

ISLAMABAD: The Saudi Research and Media Group, the largest integrated media house in the Middle East and North Africa, hosted Pakistan’s Information Minister Attaullah Tarar at its headquarters in Riyadh “to explore opportunities for media collaboration, content development and digital innovation,” the group said in a statement on Tuesday. 
The meeting took place as Tarar was in Riyadh last week to attend the Saudi Media Forum 2025 from Feb. 19-21, which brought together over 200 global media professionals, innovators and thought leaders.
“The meeting focused on strengthening partnerships and expanding content offerings to better serve audiences across both markets,” SRMG said in a statement after Tarar met the group’s CEO, Jomana R. Alrashid.

Saudi Research and Media Group CEO Jomana R. Alrashid (left) welcomes Pakistan Information Minister Attaullah Tarar as he visits the SRMG Headquarters in Riyadh on February 21, 2025. (Handout/SRMG)

The two leaders discussed the “positive impact of SRMG’s Pakistan based platforms, including Independent Urdu and Urdu News, as well as the English-language publication Arab News Pakistan, in delivering high quality content that informs and connects.”
“By providing accurate, credible reporting and raising awareness of key social issues, these publications foster meaningful connections between people, promote cross-cultural understanding, and strengthen ties with audiences in Pakistan and beyond,” the statement added. 
While speaking at the Saudi Media Forum, Tarar had acknowledged SRMG’s “positive impact” in Pakistan.

Saudi Research and Media Group CEO Jomana R. Alrashid (left) gestures for a photo with Pakistan Information Minister Attaullah Tarar at the SRMG Headquarters in Riyadh on February 21, 2025. (Handout/SRMG)

“With regard to SRMG, we have Urdu News, we have Arab News and we have Independent Urdu, which are doing a great job,” he said during a panel discussion last Thursday. 
“And [this is] not only [as] digital platforms, but overall, they have a very positive impact on our society with regard to raising awareness on social issues, with regard to bringing news to the people.”
During the Riyadh visit, Tarar and his Saudi counterpart Salman Al-Dossary also announced a joint committee to co-produce songs, films and documentaries.
In recent years, Pakistani dramas and films, including TV classics like “Dhoop Kinare” and the highly acclaimed “Humsafar,” have been dubbed in Arabic and broadcast in Saudi Arabia. 
Pakistan and Saudi Arabia are close regional partners and economic and security allies. In October last year, the two countries signed 34 agreements worth $2.8 billion for investment projects in various sectors.


IFC, other lenders urge Pakistan to rethink move to renegotiate power contracts

IFC, other lenders urge Pakistan to rethink move to renegotiate power contracts
Updated 25 February 2025
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IFC, other lenders urge Pakistan to rethink move to renegotiate power contracts

IFC, other lenders urge Pakistan to rethink move to renegotiate power contracts
  • Development finance institutions say contracts with independent power producers cannot be revised without lender approval
  • Pakistan is working to revise agreements with 14 IPPs to lower electricity tariffs and save approximately $5 billion to national exchequer

KARACHI: The International Finance Corp. and other global financial institutions have urged the Pakistan government to rethink its move to renegotiate power purchase agreements (PPAs) with wind and solar energy producers, saying contracts with independent power producers (IPPs) cannot be amended without prior lender approval, according to a letter seen by Arab News on Tuesday. 

Last month, the Pakistani cabinet approved revisions to agreements with 14 IPPs to lower electricity tariffs for households and businesses and save approximately Rs1.4 trillion ($5 billion) for the national exchequer. 

About a decade ago, Pakistan approved dozens of private projects by IPPs, financed mostly by foreign lenders, to tackle chronic shortages. But the deals, featuring incentives such as high guaranteed returns and commitments to pay even for unused power, resulted in excess capacity after a sustained economic crisis reduced consumption. Short of funds, the government had built those fixed costs and capacity payments into consumer bills, sparking protests by domestic users, industry bodies and political parties. 

The need to revisit the deals was an issue in talks for a critical staff-level pact with the International Monetary Fund (IMF) for a $7-billion bailout approved last year. 

In a letter signed by eight development finance institutions (DFIs) and addressed to the Pakistani ministries of finance and energy, the lenders have raised concern about the “non-consultative” nature of the contract renegotiation process and warned that it could undermine investor confidence.

“We... wish to emphasize that under the terms of their financing and investment agreements, the IPPs we have financed are not permitted to agree to changes to any major project document, including the PPA, without prior written approval from the lenders,” the letter, dated Feb. 18 and signed by agencies such as the World Bank’s International Finance Corporation (IFC), the Islamic Development Bank (IDB) and the Asian Development Bank (ADB), said. 

The letter acknowledged the challenges faced by Pakistan’s power sector and commended certain government measures aimed at addressing long-term structural issues.

However, it cautioned that “renegotiating PPAs in a non-consultative manner will be detrimental to the long-term development of the sector,” potentially eroding investor confidence and deterring essential future private investment.

The DFIs said they had collectively invested $2.7 billion in Pakistan over the past 25 years to support the development of the country’s power sector and create a conducive environment for private sector investment. 

“We hope the Government will reconsider its approach to PPA renegotiations and work to find alternative ways of solving the energy sector’s structural challenges,” the letter concluded. 

The letter comes after a visit to Pakistan by IFC Chief Makhtar Diop during which he said the organization aimed to invest $2 billion in the country annually over the next decade to support private sector growth.

Last October, Pakistan’s energy ministry said it had ended power purchase contracts with five private companies, including one with the country’s largest utility, Hub Power Company Ltd, that should have been in place until 2027, to cut costs.


Pakistan bemoans ‘death of cricket’ after Champions Trophy flop

Pakistan bemoans ‘death of cricket’ after Champions Trophy flop
Updated 25 February 2025
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Pakistan bemoans ‘death of cricket’ after Champions Trophy flop

Pakistan bemoans ‘death of cricket’ after Champions Trophy flop
  • Former skipper Wasim Akram says it’s time for a major shake-up, strengthening of domestic cricket
  • Critics also blame frequent changes to the cricket board, low-quality pitches the current situation

KARACHI: Gloom and demands for wholesale change engulfed cricket-crazy Pakistan on Tuesday after the hosts crashed out of the Champions Trophy in the group stage, barely a week into celebrating the return of a major tournament.
The title-holders lost their opening game to New Zealand by 60 runs in Karachi last week before Sunday’s six-wicket defeat to arch-rivals India pushed them to the brink of an early exit.
Pakistan needed Bangladesh to beat New Zealand on Monday to keep their slim hopes of a place in the semifinals alive, but the result went the other way.
Thursday’s match with Bangladesh in Rawalpindi has been reduced to a dead-rubber.
“We have been backing these players for the last few years but they are not learning nor improving,” former captain Wasim Akram told AFP.
“It is time for a major shake-up. We need to improve our system of domestic cricket so that we can produce quality cricketers, not ordinary ones.”
A lack of competitiveness in domestic cricket and low-quality pitches have been blamed for not preparing players for the international stage.
The sport in Pakistan is also held back by frequent changes to the cricket board, coaching teams and selection panels, critics say.
Such changes are driven by politics and not merit, according to observers.
“I feel very despondent with the state of Pakistan cricket,” former captain Rashid Latif told AFP.

Cricket fans watch a live broadcast of the ICC Champions Trophy one-day international (ODI) cricket match between India and Pakistan in Dubai, on a big in Karachi on February 23, 2025. (AFP)

“We have to follow merit and bring in professionals in the administration of the game and not people on a political basis.
“Frequent changes in the Pakistan Cricket Board, selection committee and captains have failed us in forming a proper set-up and team.”
The early elimination stings for a country that had relished hosting its first major cricket tournament in 29 years, after significant improvements in security.
“We were thrilled that an international event had finally returned to our country, but the joy was short-lived,” said 26-year-old Umar Siraj, a pharmacist in Rawalpindi.
“The hardest part of being a Pakistan fan is that you end up praying for other teams to lose,” he chuckled. “It’s painful. I’m gutted.”
Pakistan’s Champions Trophy flop is nothing new. They also crashed out of the 2023 ODI World Cup in the first round in India.
It was followed by their exit at the same stage in the Twenty20 World Cup in the United States and West Indies last year — a tournament won by neighbors India.
Pakistan last month finished ninth and last in the World Test Championship after drawing a home series with the West Indies.
The latest debacle, and on home soil, represents a new low.
“It is disappointing that they didn’t even put up a fight,” said Naseem Satti, a 46-year-old government servant.
“We have no quality bowlers, no reliable batters and it seems cricket is dead in Pakistan.”
Asma Batool, a 52-year-old housewife, underlined just what cricket means to people in Pakistan.
“Cricket is the only source of entertainment for our youth,” she said.
“Our nation finds solace in this game.”


New York City announces it will close migrant center in Pakistan-owned Roosevelt Hotel

New York City announces it will close migrant center in Pakistan-owned Roosevelt Hotel
Updated 25 February 2025
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New York City announces it will close migrant center in Pakistan-owned Roosevelt Hotel

New York City announces it will close migrant center in Pakistan-owned Roosevelt Hotel
  • NYC struck $220 million deal in 2023 to convert hotel, owned by Pakistan’s national carrier PIA, into migrant shelter
  • Roosevelt is one of over 50 shelters that New York has closed or announced it will shutter as migrant arrivals decrease

ISLAMABAD: New York City Mayor Eric Adams this week announced his government would close “in the coming months” a migrant processing center and shelter for asylum seekers housed since 2023 in the Pakistan-owned Roosevelt Hotel, citing the easing of the US migrant crisis.

The Roosevelt Hotel, owned by Pakistan International Airlines (PIA), closed to guests in December 2020 after the coronavirus pandemic shuttered the tourism industry worldwide. The site is one of more than 50 shelters that New York has closed or announced it will shutter as the number of new migrant arrivals has decreased due to strict immigration policies by the previous and new American administrations. Since taking power, US President Donald Trump has ended access to CBP One, a popular scheduling app for asylum seekers, and also stepped up enforcement at the US-Mexico border.

According to the New York City government’s projections, its efforts to reduce care for migrants will save more than $5 billion over the next three fiscal years.

“The Roosevelt Hotel, which has served as both our asylum arrival center and a humanitarian emergency response and relief center for nearly two years, will be closing in the coming months,” Adams said in a video message.

“While we are not done caring for those who came into our care, today marks another milestone in demonstrating the immense progress we have achieved in turning the corner on the unprecedented international humanitarian effort.”

The Roosevelt hotel is located in a prime midtown Manhattan location, steps from Grand Central Terminal and some of the highest-priced office buildings on Park Avenue. As per a report in The New York Times, NYC struck a $220 million, three-year deal with PIA to convert the hotel into a shelter in 2023. The city agreed to pay a nightly rate of $202 per room in the hotel, which has more than 1,000 rooms. The hotel has since served as an arrival center for migrants where they could get access to vaccines, food and other resources. 

A report published in Bloomberg said the number of migrants arriving to New York had fallen to 350 a week, down from a peak of about 4,000. It said the Roosevelt Hotel, which had taken in over 173,000 migrants since it opened as a shelter, had “struggled to keep up with the influx” of migrants.

Adams’ announcement comes after Vivek Ramaswamy, now a member of Trump’s cabinet, criticized New York’s deal with PIA in December 2024.

“A taxpayer-funded hotel for illegal migrants is owned by the Pakistani government which means NYC taxpayers are effectively paying a foreign government to house illegals in our own country,” Ramaswamy wrote on social media platform X.