Pakistan
Apology from Pakistan publicly for 1971 atrocities first thing to do: Momen
Foreign Minister Dr AK Abdul Momen on Sunday said Bangladesh wants Pakistan to “seek apology publicly with a formal announcement” for the atrocities perpetrated against unarmed Bangalees in 1971.
“You first need to seek an apology publicly. Otherwise, I have a political reason….if it (apology publicly) happens first, I can argue for you. Otherwise, it will be very difficult for me. I can’t do that. It’s pure and simple,” he told reporters sharing what he conveyed to State Minister for Foreign Affairs of Pakistan Hina Rabbani Khar.
Read more: Bangladesh likely to get back the money borrowed by Sri Lanka: FM
Talking to media at State guesthouse Padma, Momen said Pakistan wants to enhance relations with Bangladesh but Bangladesh reminded that seeking apology publicly is the first thing to do.
Hina Rabbani had a meeting with Minister Momen in Sri Lanka's capital city Colombo on Saturday.
Momen visited Sri Lanka as a guest for the country's 75th Independence Day celebrations, for which the guest list was filled up mostly by neighbouring countries at the foreign minister level.
Responding to a question, Foreign Minister Momen said the Pakistan State Minister did not make any direct reply to his request but mentioned that they have some limitations.
The Foreign Minister said if there is an issue of improving relations between Bangladesh and Pakistan that must begin with working in the economic area.
Read more: Dhaka eyes deeper relations with Latin American countries; Argentine FM due Feb 27
He urged the Pakistan State Minister to withdraw the restrictions to make the trade relations fairly balanced.
Momen, along with other South Asian ministers, attended the "Independence Parade" featuring march-past, fly-by, and parachute display by the joint forces at the Galle Face Green in Colombo Saturday.
State Minister for Foreign Affairs of India V Muraleedharan also met the foreign minister of Bangladesh.
They discussed the upcoming bilateral visits and issues of mutual interest and emphasised trade and commerce for the benefit of the people of the two countries.
All the ministers from South Asian countries appreciated the current government under Prime Minister Sheikh Hasina for the continued economic advancement of Bangladesh.
On Saturday evening, Momen attended a reception hosted by the Sri Lankan President in honour of visiting foreign ministers/dignitaries from other South Asian countries – namely, India, Nepal, Bhutan, and Pakistan – and the secretary general of the Commonwealth as well as state minister for foreign affairs of Japan.
Pervez Musharraf, Pakistan martial ruler in 9/11 wars, dies
Gen. Pervez Musharraf, who seized power in a bloodless coup and later led a reluctant Pakistan into aiding the U.S. war in Afghanistan against the same Taliban fighters his nation murkily backed even as Islamic militants twice targeted him for assassination, has died, an official said Sunday. He was 79.
Musharraf, a former special forces commando, became president through the last of a string of military coups that roiled Pakistan since its founding amid the bloody 1947 partition of India. He ruled the nuclear-armed state after his 1999 coup through tensions with India, an atomic proliferation scandal and an Islamic extremist insurgency. He stepped down in 2008 while facing possible impeachment.
Later in life, Musharraf lived in self-imposed exile in Dubai to avoid criminal charges, despite attempting a political comeback in 2012. But it wasn’t to be as his poor health plagued his last years. He maintained a soldier’s fatalism after avoiding a violent death that always seemed to be stalking him.
“I have confronted death and defied it several times in the past because destiny and fate have always smiled on me,” Musharraf once wrote. “I only pray that I have more than the proverbial nine lives of a cat.” Musharraf’s family announced in June 2022 that he had been hospitalized for weeks while suffering from amyloidosis, an incurable condition that sees proteins build up in the body’s organs.
“Going through a difficult stage where recovery is not possible and organs are malfunctioning,” the family said. They later said he also needed access to the drug daratumumab, which is used to treat multiple myeloma. That bone marrow cancer can cause amyloidosis.
Shazia Siraj, a spokeswoman for the Pakistani Consulate in Dubai, confirmed his death and said diplomats were providing support to his family.
Pakistan, a nation nearly twice the size of California along the Arabian Sea, is now home to 220 million people. But it would be its border with Afghanistan that would soon draw the U.S.′ attention and dominate Musharraf’s life a little under two years after he seized power.
Al-Qaida leader Osama bin Laden launched the Sept. 11, 2001, attacks from Afghanistan, sheltered by the country’s Taliban rulers. Musharraf knew what would come next.
“America was sure to react violently, like a wounded bear,” he wrote in his autobiography. “If the perpetrator turned out to be al-Qaida, then that wounded bear would come charging straight toward us.”
By Sept. 12, then-U.S. Secretary of State Colin Powell told Musharraf that Pakistan would either be “with us or against us.” Musharraf said another American official threatened to bomb Pakistan ”back into the Stone Age” if it chose the latter.
Musharraf chose the former. A month later, he stood by then-President George W. Bush at the Waldorf Astoria in New York to declare Pakistan’s unwavering support to fight with the United States against “terrorism in all its forms wherever it exists.”
Pakistan became a crucial transit point for NATO supplies head to landlocked Afghanistan. That was the case even though Pakistan’s powerful Inter-Services Intelligence agency had backed the Taliban after it swept into power in Afghanistan in 1994. Prior to that, the CIA and others funneled money and arms through the ISI to Islamic fighters battling the 1980s Soviet occupation of Afghanistan.
The U.S.-led invasion of Afghanistan saw Taliban fighters flee over the border back into Pakistan, including bin Laden, whom the U.S. would kill in 2011 at a compound in Abbottabad. They regrouped and the offshoot Pakistani Taliban emerged, beginning a yearslong insurgency in the mountainous border region between Afghanistan and Pakistan.
The CIA began flying armed Predator drones from Pakistan with Musharraf’s blessing, using an airstrip built by the founding president of the United Arab Emirates for falconing in Pakistan’s Balochistan province. The program helped beat back the militants but saw over 400 strikes in Pakistan alone kill at least 2,366 people — including 245 civilians, according to the Washington-based New America Foundation think tank.
Though Pakistan under Musharraf launched these operations, the militants still thrived as billions of American dollars flowed into the nation. That led to suspicion that still plagues the U.S. relationship with Pakistan.
“After 9/11, then President Musharraf made a strategic shift to abandon the Taliban and support the U.S. in the war on terror, but neither side believes the other has lived up to expectations flowing from that decision,” a 2009 U.S. cable from then-Ambassador Anne Patterson published by WikiLeaks said, describing what had become the diplomatic equivalent of a loveless marriage.
“The relationship is one of co-dependency we grudgingly admit — Pakistan knows the U.S. cannot afford to walk away; the U.S. knows Pakistan cannot survive without our support.”
But it would be Musharraf’s life on the line. Militants tried to assassinate Musharraf twice in 2003 by targeting his convoy, first with a bomb planted on a bridge and then with car bombs. That second attack saw Musharraf’s vehicle lifted into the air by the blast before touching the ground again. It raced to safety on just its rims, Musharraf pulling a Glock pistol in case he needed to fight his way out.
It wasn’t until his wife, Sehba, saw the car covered in gore that the scale of the attack dawned on him.
“She is always calm in the face of danger,” he recounted. But then, “she was screaming uncontrollably, hysterically.”
Born Aug. 11, 1943, in New Delhi, India, Musharraf was the middle son of a diplomat. His family joined millions of other Muslims in fleeing westward when predominantly Hindu India and Islamic Pakistan split during independence from Britain in 1947. The partition saw hundreds of thousands of people killed in riots and fighting.
Musharraf entered the Pakistani army at age 18 and made his career there as Islamabad fought three wars against India. He’d launch his own attempt at seizing territory in the disputed Himalayan region of Kashmir in 1999 just before seizing power from Prime Minister Nawaz Sharif.
Sharif had ordered Musharraf’s dismissal as the army chief flew home from a visit to Sri Lanka and denied his plane landing rights in Pakistan, even as it ran low on fuel. On the ground, the army seized control and after he landed Musharraf took charge.
Yet as ruler, Musharraf nearly reached a deal with India on Kashmir, according to U.S. diplomats at the time. He also worked toward a rapprochement with Pakistan’s longtime rival.
Another major scandal emerged under his rule when the world discovered that famed Pakistani nuclear scientist A.Q. Khan, long associated with the country’s atomic bomb, had been selling centrifuge designs and other secrets to countries including Iran, Libya and North Korea, making tens of millions of dollars. Those designs helped Pyongyang to arm itself with a nuclear weapon, while centrifuges from Khan’s designs still spin in Iran amid the collapse of Tehran’s nuclear deal with world powers.
Musharraf said he suspected Khan but it wasn’t until 2003 when then-CIA director George Tenet showed him detailed plans for a Pakistani centrifuge that the scientist had been selling that he realized the severity of what happened.
Khan would confess on state television in 2004 and Musharraf would pardon him, though he’d be confined to house arrest after that.
“For years, A.Q.’s lavish lifestyle and tales of his wealth, properties, corrupt practices and financial magnanimity at state expense were generally all too well known in Islamabad’s social and government circles,” Musharraf later wrote. “However, these were largely ignored. ... In hindsight that neglect was apparently a serious mistake.”
Musharraf’s domestic support eventually eroded. He held flawed elections in late 2002 — only after changing the constitution to give himself sweeping powers to sack the prime minister and parliament. He then reneged on a promise to stand down as army chief by the end of 2004.
Militant anger toward Musharraf increased in 2007 when he ordered a raid against the Red Mosque in downtown Islamabad. It had become a sanctuary for militants opposed to Pakistan’s support of the Afghan war. The weeklong operation killed over 100 people.
The incident severely damaged Musharraf’s reputation among everyday citizens and earned him the undying hatred of militants who launched a series of punishing attacks following the raid.
Fearing the judiciary would block his continued rule, Musharraf fired the chief justice of Pakistan’s Supreme Court. That triggered mass demonstrations.
Under pressure at home and abroad to restore civilian rule, Musharraf stepped down as army chief. Though he won another five-year presidential term, Musharraf faced a major crisis following former Prime Minister Benazir Bhutto’s assassination in December 2007 at a campaign rally as she sought to become prime minister for the third time.
The public suspected Musharraf’s hand in the killing, which he denied. A later United Nations report acknowledged the Pakistani Taliban was a main suspect in her slaying but warned that elements of Pakistan’s intelligence services may have been involved.
Musharraf resigned as president in August 2008 after ruling coalition officials threatened to have him impeached for imposing emergency rule and firing judges.
“I hope the nation and the people will forgive my mistakes,” Musharraf, struggling with his emotions, said in an hourlong televised address.
Afterward, he lived abroad in Dubai and London, attempting a political comeback in 2012. But Pakistan instead arrested the former general and put him under house arrest. He faced treason allegations over the Supreme Court debacle and other charges stemming from the Red Mosque raid and Bhutto’s assassination.
The image of Musharraf being treated as a criminal suspect shocked Pakistan, where military generals long have been considered above the law. Pakistan allowed him to leave the country on bail to Dubai in 2016 for medical treatment and he remained there after facing a later-overturned death sentence.
But it suggested Pakistan may be ready to turn a corner in its history of military rule.
“Musharraf’s resignation is a sad yet familiar story of hubris, this time in a soldier who never became a good politician,” wrote Patterson, the U.S. ambassador, at the time.
“The good news is that the demonstrated strength of institutions that brought Musharraf down — the media, free elections and civil society — also provide some hope for Pakistan’s future. It was these institutions that ironically became much stronger under his government.”
Pakistan should formally apologise for 1971 atrocities: Momen tells Hina Rabbani
Bangladesh has said Pakistan "should formally apologise" for the atrocities perpetrated against unarmed Bangalees in 1971.
Foreign Minister AK Abdul Momen conveyed this to State Minister for Foreign Affairs of Pakistan Hina Rabbani Khar when she met her Bangladesh counterpart in Sri Lanka's Colombo Saturday.
Momen is now in Sri Lanka as a guest for the country's low-key 75th Independence Day celebrations, for which the guest list was filled up mostly by neighbouring countries at the foreign minister level.
The Bangladesh foreign minister, along with the others, attended the "Independence Parade" featuring march-past, fly-by, and parachute display by the joint forces at the Galle Face Green in Colombo Saturday.
Sri Lankan President Ranil Wickremesinghe conveyed Sri Lanka's gratitude to the Bangladesh government and Prime Minister Sheikh Hasina for the timely assistance as the country battles to rebuild its economy.
State Minister for Foreign Affairs of India V Muraleedharan also met the foreign minister of Bangladesh.
They discussed the upcoming bilateral visits and issues of mutual interest and emphasised trade and commerce for the benefit of the people of the two countries.
All the ministers from South Asian countries appreciated the current government under Prime Minister Sheikh Hasina for the continued economic advancement of Bangladesh.
In the evening, Momen attended a reception hosted by the Sri Lankan president in honour of visiting foreign ministers/dignitaries from other South Asian countries – namely, India, Nepal, Bhutan, and Pakistan – and the secretary general of the Commonwealth as well as state minister for foreign affairs of Japan.
The foreign minister will return to Dhaka Sunday.
Read more: Prominent persons demand recognition of 1971 killings as genocide
Pakistani troops kill 2 militants in raid near Afghan border
Troops raided a militant hideout in a former Pakistani Taliban stronghold near the border with Afghanistan on Friday, triggering a shootout that killed two insurgents, the military said.
Pakistani Prime Minister Shahbaz Sharif summoned the country's opposition leader to forge a response to the recent surge in violence, including a mosque bombing that killed 101 people.
Troops on Friday recovered a cache of weapons in a militant hideout in North Waziristan, a district of the northwestern Khyber Pakhtunkhwa province, the military said in a statement. The militants killed during the raid had been involved in past attacks on security forces, it added. The statement provided no further details, and the identity of the slain militants was not immediately known.
Troops routinely carry out such raids to trace and arrest the Pakistani Taliban, who are also known as the Tehrik-e-Taliban Pakistan.
The Pakistani Taliban are a separate group but are allies of the Afghan Taliban, who seized power in Afghanistan a year ago as U.S. and NATO troops were in the final stages of their pullout. The Taliban takeover in Afghanistan has emboldened the Pakistani Taliban, who have stepped up attacks since November when they ended the ceasefire with the government.
The latest development comes days after a suicide bomber attacked a mosque on the compound of police in the northwestern city of Peshawar, killing 101 people. Authorities say the bomber wore a police uniform and the guards at the site assumed he was a police officer — their colleague — and did not search him.
Read more: -Peshawar, the city of flowers, becomes epicenter of violence
On Friday, Sharif said in a televised address that he had invited his predecessor and now opposition leader, Imran Khan, and other officials to a conference Tuesday to discuss next steps. There was no immediate response from Khan, who was ousted in a no-conference vote in Parliament in April last year.
Sharif said Monday's attack inside the mosque was carried out by a suicide bomber, and there was no truth in allegations and claims that it was a drone attack.
Pakistan blames the Pakistani Taliban, who maintain sanctuaries in Afghanistan, for orchestrating the bombing that wounded 225 wounded. Police say most of the casualties were not caused by the detonation of the bomber’s explosives but by the collapse of the roof of the 50-year-old Peshawar mosque. The force of the blast caused the roof, which was supported by outside walls but no pillars, to cave in.
Official: 17 people killed in bus-truck crash in NW Pakistan
A head-on collision between a passenger bus and a speeding truck trailer near a tunnel in northwest Pakistan overnight killed at least 17 passengers, including women and children, a rescue official said early Friday.
The crash happened in Kohat district in Khyber Pakhtunkhwa province, according to the local emergency official and state-run media.
“We have transported all the dead and injured to a hospital in Kohat,” rescue official Rehmat Ullah said.
TV footage showed images of the destroyed bus.
Azam Khan, the caretaker chief minister in the province, has expressed his deep sorrow and grief over the tragic accident.
Read more: Passenger bus in Pakistan crashes, catches fire killing 40
On Sunday, a passenger bus crashed into a pillar and fell off a bridge in Baluchistan province, catching fire and killing 40 people.
Deadly accidents are common in Pakistan due to poor road infrastructure and a disregard for traffic laws.
Militant who killed 101 at Pakistan mosque wore uniform
A suicide bomber who killed 101 people at a mosque in northwest Pakistan this week had disguised himself in a police uniform and did not raise suspicion among guards, the provincial police chief said on Thursday.
Moazzam Jah Ansari said the bomber had been identified and police were close to arresting members of the network that was behind Monday's attack, one of the deadliest ever in Peshawar, the capital in the Khyber Pakhtunkhwa province.
“We will avenge the martyrdom of each and every policeman," Ansari told a news conference.
The blast collapsed the roof of the 50-year-old mosque, killing 101 people, mostly policemen. Two hundred twenty-five people were injured.
Ansari spoke a day after dozens of police officers in a rare move joined a peace march organized by the members of civil society groups in Peshawar, demanding protection for themselves.
Also read: Pakistan blames 'security lapse' for mosque blast; 100 dead
Hours after the bombing, Pakistan's Defense Minister Khawaja Mohammad Asif accused the Pakistani Taliban, known by the acronym TTP, of carrying out the attack, saying they were operating from neighboring Afghan territory. Pakistan wants the Afghan Taliban to take action against the TTP group.
Shortly after the bombing, a TTP commander claimed responsibility, but more than 10 hours after the attack the chief spokesman for the group distanced the TTP from the carnage, saying it was not its policy to attack mosques.
On Wednesday, Afghanistan’s Taliban-appointed foreign minister, however, had asked Pakistani authorities to look for the reasons behind militant violence in their country instead of blaming Afghanistan. The comments from Amir Khan Muttaqi came after Pakistani officials said the attackers who orchestrated Monday’s suicide bombing were using Afghan soil to target civilians and security forces.
More than 300 worshippers were praying in the Sunni mosque, with more approaching, when the bomber set off his explosives vest. Ansari said the attacker was not searched because guards assumed that he was one of their colleagues.
“Yes, I admit that it was a security lapse and I take responsibility for it," Ansari said.
Pakistan Prime Minister Shahbaz Sharif visited a hospital in Peshawar after the bombing and vowed “stern action” against those behind the attack. Pakistan, which is mostly Sunni Muslim, has seen a surge in militant attacks since November when the Pakistani Taliban ended a cease-fire with government forces.
The violence has increased in Pakistan since the Afghan Taliban seized power in neighboring Afghanistan in August 2021 as U.S. and NATO troops pulled out of the country after 20 years of war.
The TTP is separate from but a close ally of the Afghan Taliban.
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Associated Press writer Munir Ahmed contributed to this story from Islamabad
Pakistan army: Boating accident death toll rises to 51
The death toll from a boating accident in a lake in northwest Pakistan over the weekend reached 51, the military said Tuesday. The vessel was carrying children and teachers from a seminary on a picnic.
Police on Sunday said at least 10 students drowned after their boat capsized in Tanda Dam in Khyber Pakhtunkhwa province. They said then that the vessel was carrying 25 people.
Later, however, officials said the boat was overcrowded and in fact was carrying 57 people, mostly children, and at least 51 had died.
Read more: 19 women drowned as boat capsizes in Pakistan's Indus River: media
The military said in a statement that divers from the army and local emergency service rescued five survivors. It said the search for the remaining person was continuing.
Such accidents are common in Pakistan, where rickety wooden boats are often used to transport goods and people on rivers and lakes. Most operate without life jackets.
Suicide bomber kills 59, wounds over 150 at Pakistan mosque
A suicide bomber struck a crowded mosque inside a police compound in Pakistan on Monday, causing the roof to collapse and killing at least 59 people and wounding more than 150 others, officials said.
Most of the casualties were police officers. It was not clear how the bomber was able to slip into the walled compound, which houses the police headquarters in the northwestern city of Peshawar and is itself located in a high-security zone with other government buildings.
Sarbakaf Mohmand, a commander for the Pakistani Taliban, claimed responsibility for the attack on Twitter. The main spokesman for the militant group was not immediately available for comment.
"The sheer scale of the human tragedy is unimaginable. This is no less than an attack on Pakistan,” tweeted Prime Minister Shahbaz Sharif, who visited the wounded in Peshawar and vowed “stern action” against those behind the bombing. He expressed his condolences to families of the victims, saying their pain ”cannot be described in words."
Pakistan, which is mostly Sunni Muslim, has seen a surge in militant attacks since November, when the Pakistani Taliban ended their cease-fire with government forces.
Earlier this month, in another attack claimed by the Pakistani Taliban, a gunman shot and killed two intelligence officers, including the director of the counterterrorism wing of the country’s military-based spy agency Inter-Services Intelligence. Security officials said Monday the gunman was traced and killed in a shootout in the northwest near the Afghan border.
Monday's assault on a Sunni mosque inside the police facility was one of the deadliest attacks on security forces in recent years.
The militant group, also known as Tehreek-e-Taliban Pakistan or TTP, is separate from but a close ally of the Afghan Taliban. The TTP has waged an insurgency in Pakistan in the past 15 years, seeking stricter enforcement of Islamic laws, the release of its members in government custody and a reduction in the Pakistani military presence in areas of Khyber Pakhtunkhwa province it has long used as its base.
More than 300 worshippers were praying in the mosque, with more approaching, when the bomber set off his explosives vest. Many were injured when the roof came down, according to Zafar Khan, a police officer, and rescuers had to remove mounds of debris to reach worshippers still trapped under the rubble.
Meena Gul, who was in the mosque when the bomb went off, said he doesn’t know how he survived unhurt. The 38-year-old police officer said he heard cries and screams after the blast.
Mohammad Asim, a spokesman at the main government hospital in Peshawar, put the death toll at 59, with 157 others wounded. Police official Siddique Khan the bomber blew himself up while among the worshippers.
Senior police and government officials attended the funerals of 30 police officers and arrangements to bury the rest were being made. Coffins were wrapped in the Pakistani flag their bodies were later handed over to relatives for burials.
Read more: Roadside bomb kills 6 people in north Afghanistan: Taliban
Peshawar is the capital of Khyber Pakhtunkhwa province, where the Pakistani Taliban have a strong presence, and the city has been the scene of frequent militant attacks.
The Afghan Taliban seized power in neighboring Afghanistan in August 2021 as U.S. and NATO troops pulled out of the country after 20 years of war.
The Pakistani government's truce with the TTP ended as the country was still contending with unprecedented flooding that killed 1,739 people, destroyed more than 2 million homes, and at one point submerged as much as a third of the country.
Mohmand, of the militant organization, said a fighter carried out the attack to avenge the killing of Abdul Wali, who was widely known as Omar Khalid Khurasani, and was killed in neighboring Afghanistan’s Paktika province in August 2022.
Afghanistan’s Foreign Ministry said in a statement that it was “saddened to learn that numerous people lost their lives and many others were injured by an explosion at a mosque in Peshawar” and condemned attacks on worshippers as contrary to the teachings of Islam.
Condemnations also came from the Saudi Embassy in Islamabad, as well as the U.S. Embassy, adding that "The United States stands with Pakistan in condemning all forms of terrorism.”
Cash-strapped Pakistan faces a severe economic crisis and is seeking a crucial installment of $1.1 billion from the International Monetary Fund — part of its $6 billion bailout package — to avoid default. Talks with the IMF on reviving the bailout have stalled in the past months.
Former Pakistani Prime Minister Imran Khan called the bombing a “terrorist suicide attack.” He tweeted: “My prayers & condolences go to victims families. It is imperative we improve our intelligence gathering & properly equip our police forces to combat the growing threat of terrorism.”
Sharif’s government came to power in April after Khan was ousted in a no-confidence vote in Parliament. Khan has since campaigned for early elections, claiming his ouster was illegal and part of a plot backed by the United States. Washington and Sharif dismiss Khan's claims.
Pakistani Foreign Minister Bilawal Bhutto in Moscow on official visit
Pakistan Foreign Minister Bilawal Bhutto Zardari has reached Moscow. He is currently on a two-day official visit, on invitation of his Russian counterpart Sergei Lavrov.
Bilawal Bhutto Zardari was received by senior officials of the Russian foreign ministry, Pakistan’s Ambassador to Russia Shafqat Ali Khan and other embassy officials on Sunday (January 29, 2023) upon his arrival in Moscow, reports Pakistani newspaper Dawn.
Read more: Pakistan's premier apologizes to nation for power outage
The two foreign ministers are scheduled to meet today for official talks.
The Pakistani foreign minister was quoted by Dawn as saying: “I’ve been invited to speak at the international luncheon of the annual National Prayer Breakfast and will make an in-and-out trip for that.”
Meanwhile, as part of Pakistan’s effort to re-engage with the US, the foreign minister and Commerce Minister Syed Naveed Qamar are expected to visit Washington soon.
Read more: Pakistan orders malls to close early amid economic crisis
Bilawal Bhutto Zardari is expected to visit New York to attend a UN-sponsored conference on Muslim women, being held on Pakistan’s initiative on March 8. He is also likely to attend another UN event in New York on March 15 to commemorate the International Day to Combat Islamophobia, as per Pakistani media report.
Cash-strapped Pakistan's rupee plunges amid talks with IMF
Cash-strapped Pakistan’s currency plunged Thursday against the dollar after the government indicated it was ready to comply with tough conditions set by the International Monetary Fund for the next tranche of its bailout package.
Pakistan is seeking a crucial installment of $1.1 billion from the fund — part of its $6 billion bailout package — to avoid default. Talks with the IMF on reviving the bailout stalled in the past months.
The rupee closed at 230 to the dollar on Wednesday. It slipped further, trading at 255 for $1 within hours of the market reopening Thursday. The government did not immediately comment on the developments.
Analyst Ahsan Rasool says the rupee’s decline is a sign that Pakistan was close to securing the much-needed loan from the IMF.
The rupee's slide comes days after Prime Minister Shahbaz Sharif said his government was ready to adhere to the “tough conditions of the IMF" to revive the $6 billion bailout package, which has been on hold for the past several months.
Read more: Pakistan orders malls to close early amid economic crisis
Pakistan is currently grappling with one of the country’s worst economic crisis amid dwindling foreign exchange reserves. That has raised fears that Pakistan could default, although Sharif insists it pulled the country from the brink of the default when it took over last year.
Sharif has blamed Prime Minister Imran Khan and his government for the economic malaise. Khan was ousted in a no-confidence in Parliament in April, and has since been campaigning for early elections.