Five soldiers, 13 civilians killed in attack at military base in northwestern Pakistan 

Five soldiers, 13 civilians killed in attack at military base in northwestern Pakistan 
A security personnel stands guard near a detonated explosive-laden van at an army compound in Bannu on March 5, 2025. (AFP)
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Five soldiers, 13 civilians killed in attack at military base in northwestern Pakistan 

Five soldiers, 13 civilians killed in attack at military base in northwestern Pakistan 
  • Army says militants rammed two explosive-filled vehicles into boundary wall of military cantonment in Bannu
  • Military says attack was orchestrated from neighboring Afghanistan, whose rulers deny allowing militant activity 

ISLAMABAD: Five soldiers and thirteen civilians were killed as militants rammed two explosive-filled vehicles into the boundary wall of a military cantonment in northwestern Pakistan, the army said on Wednesday, as the country faces a surge in terror attacks. 

The assault, which involved “multiple suicide blasts,” took place on Tuesday in Bannu, which is in Pakistan’s Khyber Pakhtunkhwa province bordering Afghanistan. The military’s media wing said in a statement militants had sought to breach Bannu cantonment’s security, causing the partial collapse of its perimeter wall and damaging nearby buildings.

The KP province has seen a surge in militant attacks in recent years that Pakistan blames on insurgents harboring in Afghanistan. Kabul denies it provides refuge to militants and says Pakistan’s security challenges are a domestic issue. 

“Our valiant troops engaged the intruders with precision, eliminating all sixteen terrorists, including four suicide bombers. In this intense exchange of fire, five brave soldiers, after putting up a heroic resistance, embraced martyrdom in the line of duty,” the army said in a statement. 

The latest attack occurred in an area adjacent to a local market after sunset, when people were breaking their fast during the Muslim holy month of Ramadan. Video clips circulating on social media showed thick grey plumes of smoke rising into the air as gunshots rang out.

The army said a mosque and a civilian residential building close to the military facility were damaged in the attack, killing thirteen civilians and injuring 32.

Intelligence reports had “unequivocally confirmed the physical involvement of Afghan nationals in this heinous act,” the military said, adding that evidence proved the attack was orchestrated and directed by insurgents operating from Afghanistan.

“Pakistan expects the Interim Afghan Government to uphold its responsibilities and deny its soil for terrorist activities against Pakistan. Pakistan reserves the right to take necessary measures in response to these threats emanating from across the border,” the military concluded. 

Jaish-e-Fursan Muhammad, a militant faction affiliated with the Pakistani Taliban (TTP), claimed responsibility for the attack in a statement released to media, saying dozens of security officials had been killed in the assault. 

Pakistan has repeatedly accused the Taliban authorities in Kabul of facilitating cross-border militant attacks, a charge Afghan authorities deny. 

The TTP was formed in 2007 as an umbrella organization of various hard-line groups operating individually in Pakistan.

The TTP pledges allegiance to, and gets its name from, the Afghan Taliban, but is not directly a part of the group that now rules Afghanistan. Its stated aim is to impose Islamic religious law in Pakistan, as the Taliban have done in Afghanistan.

The TTP is responsible for some of the bloodiest attacks in Pakistan, including on churches and schools and the shooting of Malala Yousafzai, who survived the 2012 attack after she was targeted for her campaign against the Taliban’s efforts to deny women education.

Militants have targeted Bannu several times in the past also. Last November, a suicide car bomb killed 12 troops and wounded several others at a security post. In July, a suicide bomber detonated his explosives-laden vehicle and other militants opened fire near the outer wall of the military facility.
 


Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low

Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low
Updated 05 March 2025
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Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low

Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low
  • FPCCI says businesses are dissatisfied with monetary policy since interest rates remain excessively high
  • It says monetary policy should be aligned with government’s vision for economic and export-led growth

KARACHI: Pakistan’s top trade and industry body on Wednesday called for a 500-basis-point (bps) cut in the policy rate, saying businesses remained dissatisfied with monetary policy and viewed interest rates as excessively high despite inflation hitting a nine-year low.
Earlier this month, the government announced inflation had fallen to 1.5 percent in February, down from 2.4 percent in January. However, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) noted the policy rate remained at 12 percent following what it called a “grossly-insufficient reduction of merely 100 bps” in the January 27 Monetary Policy Committee (MPC) meeting.
“After deliberations across all industries and sectors, FPCCI demands an immediate and single-stroke rate cut of 500 basis points in the upcoming MPC meeting on March 10, 2025, to rationalize the monetary policy,” FPCCI President Atif Ikram Sheikh said in a statement.
He added the country’s monetary policy should align with the Special Investment Facilitation Council (SIFC) and the government’s broader vision for economic and export-led growth.
Sheikh said industry estimates suggest core inflation will remain between 1-3 percent in the fourth quarter of FY25 (April-June 2025) due to declining prices and easing inflationary pressures.
He argued with international oil prices expected to stay stable, the government had the conditions necessary to announce a substantial rate cut.
FPCCI Senior Vice President Saquib Fayyaz Magoon also urged policymakers to bring interest rates into single digits to allow Pakistani exporters to compete internationally.
He added that a rate cut should be accompanied by the government’s promised rationalization of electricity tariffs for industries to ensure sustainable growth.
Pakistan has historically maintained a tight monetary stance to curb inflation and stabilize the economy, but the latest calls for aggressive easing highlight growing concerns from businesses over stagnating investment and sluggish industrial activity.


Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit

Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit
Updated 05 March 2025
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Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit

Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit
  • Pakistan signed cooperation agreements in banking, mining and railways with UAE during crown prince’s visit last week
  • UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment

ISLAMABAD: Pakistan’s Foreign Minister Ishaq Dar and United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan on Wednesday resolved to enhance bilateral cooperation in all sectors, state-run media reported, following Abu Dhabi crown prince’s recent visit to Pakistan.
Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan visited Pakistan on his first official visit to the country on Feb. 27 with a high-level delegation. During the visit, both countries signed key agreements to boost cooperation in mining, railways, banking and infrastructure sectors.
Dar, who is also his country’s deputy prime minister, received a phone call from the UAE foreign minister on Wednesday during which the latter conveyed Ramadan greetings to the former and the people of Pakistan, the state-run Associated Press of Pakistan (APP) reported. 
“Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, and UAE Deputy PM/ Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan on Wednesday reaffirmed their commitment to enhancing bilateral cooperation across all sectors,” APP said. 
“The two leaders also discussed the results of the recent visit by the Crown Prince of the UAE to Pakistan,” it added. 
Dar also extended Ramadan wishes to the UAE foreign minister and expressed solidarity with the people of the Gulf country.
The UAE is Pakistan’s third-largest trading partner after China and the United States and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the Gulf country’s foreign ministry.
Pakistan and the UAE have stepped up efforts in recent years to strengthen economic relations. Last year the two countries signed multiple agreements exceeding $3 billion for cooperation in railways, economic zones, and infrastructure development.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The UAE is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances.


Animal welfare organization, authorities rescue dancing bear ‘Sunny’ from abuse in Pakistan

Animal welfare organization, authorities rescue dancing bear ‘Sunny’ from abuse in Pakistan
Updated 05 March 2025
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Animal welfare organization, authorities rescue dancing bear ‘Sunny’ from abuse in Pakistan

Animal welfare organization, authorities rescue dancing bear ‘Sunny’ from abuse in Pakistan
  • FOUR PAWS relocates Sunny, 3, from Jhang district to Islamabad rescue and rehabilitation center
  • Sunny’s teeth were removed, she is emaciated and in an anxious mental state, says veterinarian

KARACHI: International animal rights organization FOUR PAWS said on Wednesday it had rescued a three-year-old female dancing bear from abuse in eastern Pakistan and relocated her to the country’s capital city where she is undergoing treatment. 
The development takes place days after FOUR PAWS and local authorities rescued a seven-year-old black bear ‘Rocky’ after finding out that he had been kept illegally in Punjab province and abused in 35 fights. Local authorities had intervened to move him to a safer facility.
FOUR PAWS said it came to know about Sunny during a meeting with the adviser to the prime minister of change and environment, who received information about the successful confiscation of a female bear that had been abused as a dancing bear. 
“The FOUR PAWS experts lost no time and made the 400-kilometer journey to Jhang district to provide urgent help for three-year-old dancing bear Sunny together with a team from the Islamabad Wildlife Management Board (IWMB),” the animal welfare organization said in a press release. 

This handout photo, released by the Islamabad Wildlife Management Board on March 4, 2025, shows officials from Vienna-based FOUR PAWS and IWMB treat the rescued bear, ‘Sunny,’ at the wildlife facility in Islamabad. (Photo courtesy: IWMB/Handout)

FOUR PAWS said it arrived in Jhang after facing a challenging night-time journey through many villages with “bad road conditions” during heavy rains and thunderstorms. 
It said after 15 hours the team arrived at the location where Sunny was kept, provided her first aid, and set about returning to Islamabad to bring the bear to the Islamabad Wildlife Management Board (IWMB) Rescue and Rehabilitation Center.
FOUR PAWS veterinarian Dr. Amir Khalil said the team would conduct a thorough veterinary assessment of the bear. 

This handout photo, released by the Islamabad Wildlife Management Board on March 4, 2025, shows IWMB team members treat the rescued bear, ‘Sunny,’ at the wildlife facility in Islamabad. (Photo courtesy: IWMB/Handout)

“We saw that her teeth had been removed, which is a cruel practice that left her defenseless,” Dr. Khalil said in a statement. “She is emaciated and in an anxious mental state but we will make sure she gets all the care she urgently needs.”
Dr. Khalil provided an update on the rescued bear Rocky, saying that he was recovering “very well” and is eating and drinking and adjusting to his new environment. The veterinarian said Rocky will stay in quarantine for the next few days until his new enclosure is finalized.
“We’ve also given him painkillers and antibiotics to support his recovery,” Dr. Khalil said. “The rescues of Rocky and Sunny are another successful collaboration effort between FOUR PAWS, IWMB, and the Pakistani authorities.”
Pakistan has a troubled history with animal welfare. Last December, an elephant died at a safari park less than two weeks after being reunited with her sister. It was the latest tragedy to affect elephants in captivity in Pakistan.
In 2020, a pair of sick and badly neglected dancing Himalayan brown bears left a notorious zoo in Islamabad for a sanctuary in Jordan.


US fintech partners with largest Pakistani Islamic bank for cross-border transactions

US fintech partners with largest Pakistani Islamic bank for cross-border transactions
Updated 05 March 2025
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US fintech partners with largest Pakistani Islamic bank for cross-border transactions

US fintech partners with largest Pakistani Islamic bank for cross-border transactions
  • Payoneer provides online money transfer and digital payment services, Meezan Bank offers wide range of Shariah-compliant products and services 
  • Meezan customers linked to Payoneer accounts can make real-time withdrawals in multiple currencies directly into local Meezan accounts

ISLAMABAD: American financial services company Payoneer has partnered with Meezan Bank, Pakistan’s largest Islamic bank, to enhance cross-border payments for Pakistani businesses, entrepreneurs, and freelancers, a press release said on Wednesday.

Under the partnership, Meezan Bank customers can link their Payoneer accounts to the bank’s mobile banking app to make real-time withdrawals in multiple global currencies directly into their Meezan local receiving accounts. The mobile app integration will allow businesses in Pakistan to receive funds from clients, vendors, and marketplaces worldwide, enabling them to be “local” to their customers regardless of where they are. 

Meezan Bank customers will also access benefits including multi-currency balance monitoring, transparent FX rates, no hidden costs, pre-populated personal details, quick authentication via SMS, and a straightforward account-linking process.

The integration will also ensure that Proceeds Realization Certificate (ePRC), an essential document provided by Meezan Bank for regulatory adherence, tax filing, and securing export rebates, will be issued with every transaction, addressing a critical legal requirement for Pakistan's small and medium businesses engaged in cross-border trade.

“By partnering with Meezan Bank, we are providing Pakistani businesses access to financial management tools that will support their global expansion and help them grow alongside the evolution of Pakistan's export landscape,” said Mohsin Muzaffar, country manager at Payoneer Pakistan.

“We're committed to enabling Pakistan’s businesses to thrive on the global stage while contributing to the acceleration of the country's digital export growth.”

Abdullah Ahmed, group head transaction and international bankinggroup at Meezan Bank, said the institution’s strong digital infrastructure and deep expertise in the interconnected global economy had made it an “ideal Islamic banking partner” for Payoneer. 

“This seamless integration reflects our shared vision of fostering financial inclusion, driving innovation, and supporting Pakistan’s digital economy in alignment with ethical and Islamic financial principles,” the official said. 

"We look forward to a successful collaboration that empowers businesses and individuals alike through responsible and inclusive banking solutions.”

The collaboration comes at a pivotal time for Pakistan's digital economy. The nation's IT exports reached $3.2 billion in FY2023-24, a 24% year-on-year increase. Pakistan's freelance worker community of over 1.5 million professionals also contributed $350 million to the country's foreign exchange reserves last year.


Pakistan appoints adviser as it moves to set up national crypto council

Pakistan appoints adviser as it moves to set up national crypto council
Updated 05 March 2025
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Pakistan appoints adviser as it moves to set up national crypto council

Pakistan appoints adviser as it moves to set up national crypto council
  • Appointment signifies a shift in Pakistan’s cryptocurrency stance, moving from resistance to a regulatory approach
  • Bilal Bin Saqib will also advise on leveraging AI to enhance government efficiency, decision-making processes

KARACHI: The government announced on Wednesday the appointment of a lead adviser to Finance Minister Muhammad Aurangzeb on the Pakistan Crypto Council to develop policy measures ahead of adopting digital currencies, according to an official statement.
The crypto council is a proposed advisory body the Pakistan government is considering establishing to oversee the development and regulation of the country’s digital asset ecosystem. The initiative aims to ensure Pakistan’s engagement with digital assets is secure, compliant and sustainable.
This appointment of the adviser also signifies a shift in Pakistan’s stance on cryptocurrencies, moving from previous resistance to a more open and regulatory-focused approach.
According to the finance division’s statement, Bilal Bin Saqib, a Web3 investor and strategic adviser recognized by Forbes, has been named as the lead adviser. He featured in Forbes 30 under 30 and received an MBE (Member of the British Empire) in 2023 for his contributions to the UK’s National Health Service. Saqib has background in blockchain and digital finance, making him well-positioned to guide Pakistan’s approach to cryptocurrency regulation.
“Mr. Saqib’s appointment underscores our commitment to embracing emerging technologies while ensuring a secure and transparent financial system,” the finance minister was quoted as saying in the statement. “We are confident that his leadership will guide the development of a sound and effective regulatory framework, fostering innovation and sustainable growth in Pakistan’s crypto sector.”
As the chief adviser, Saqib will contribute to policy development for integrating cryptocurrency and blockchain into Pakistan’s financial system while ensuring alignment with global regulatory standards.
He will also advise on leveraging artificial intelligence (AI) to enhance government efficiency and decision-making processes.
“Cryptocurrency and blockchain technology hold immense potential for Pakistan, particularly for the youth, who are the driving force behind our nation’s digital future,” the finance minister’s newly appointed adviser said. “With the right strategies and regulatory framework, we can empower our country’s youth, foster economic growth, and establish Pakistan as a leader in the space.”
Pakistan has maintained a cautious stance on cryptocurrencies in the past, citing financial security and regulatory risks.
However, the government has acknowledged more recently the presence of over 20 million active digital asset users in the country and aims to address challenges such as high transaction fees through proper regulation.