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Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation

Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation
Officials of Pakistan Stock Exchange, Colombo Stock Exchange and the Dhaka Stock Exchange sign tripartite Memorandum of Understanding to strengthen regional capital market cooperation in Colombo, Sri Lanka, on March 27, 2025. (SECP Pakistan)
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Updated 27 March 2025
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Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation

Pakistan, Sri Lanka, Bangladesh sign ‘landmark’ agreement to strengthen capital market cooperation
  • Initiative aims to create new opportunities for investors and market participants across the region, PSX says 
  • MoU establishes formal platform for dialogue and joint initiatives, with working groups to implement cooperation framework
Updated 27 March 2025
Ismail Dilawar
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KARACHI: The Pakistan Stock Exchange (PSX) has entered into a tripartite Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) and the Dhaka Stock Exchange (DSE), PSX said on Thursday, describing it as a “landmark move” to strengthen regional capital market cooperation.

The agreement signed in Colombo aims to establish an exchange forum to facilitate technology development and sharing, human resource sharing, product development, regulatory collaboration, investor protection, and knowledge exchange across the three markets.

“This initiative will foster deeper regional cooperation among the three South Asian nations while creating new opportunities for investors and market participants across the region,” the PSX said in a statement. 

Joint initiatives in system development and digital transformation, cross-exchange training programs and knowledge-sharing initiatives, collaborative development of new financial instruments, harmonization of market oversight and investor protection frameworks, exploration of cross-border listing opportunities to expand investor access and facilitation of broker partnerships and institutional connectivity were listed in the PSX statement as the key areas of collaboration under the MoU. 

“This strategic partnership marks a significant step forward in regional market integration. By combining our strengths, these three exchanges can drive innovation, enhance market resilience, and create new opportunities for investors across South Asia,” said Akif Saeed, chairman of the Securities and Exchange Commission of Pakistan (SECP), who was present at the ceremony. 

Farrukh H. Sabzwari, MD & CEO of PSX, said the agreement represented a “transformative chapter” in regional capital market cooperation. 

“Through this partnership with our counterparts in Colombo and Dhaka, we aim to elevate market standards, foster sustainable growth, and deliver greater value to all market participants,” he added.

The MoU establishes a formal platform for ongoing dialogue and joint initiatives, with working groups to be formed to implement the cooperation framework. 

This alliance is expected to enhance market liquidity and product diversity, strengthen regulatory frameworks across the region, facilitate cross-border investment flows and promote technological innovation in market infrastructure, the PSX statement said. 

Topics: Pakistan Pakistan Stock Exchange

Pakistan hands over second relief consignment to Myanmar as quake death toll crosses 3,450

Pakistan hands over second relief consignment to Myanmar as quake death toll crosses 3,450
Updated 57 sec ago
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Pakistan hands over second relief consignment to Myanmar as quake death toll crosses 3,450

Pakistan hands over second relief consignment to Myanmar as quake death toll crosses 3,450
  • Magnitude 7.7 earthquake struck Myanmar on Mar. 28, killing 3,455 and injuring over 4,508 
  • Latest shipment of relief items brings total aid dispatched by Pakistan to Myanmar to 70 tons 
Updated 57 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan handed over the second consignment of 35 tons of emergency relief aid to Myanmar authorities on Sunday, the National Disaster Management Authority (NDMA) said, as the earthquake death toll in the Southeast Asian nation surged past 3,450. 

The magnitude 7.7 quake struck Myanmar on Mar. 28, causing the deaths of 3,455 people and injuring over 4,508 as per official figures. The United Nations has urged the world to rally behind Myanmar, describing the devastation in the country as “staggering.”

Pakistan had dispatched its second aid consignment to Myanmar through an air cargo flight from Islamabad to Yangon on Saturday.

“Pakistan formally handed over its second consignment of 35 tons of emergency relief aid for earthquake affectees to Myanmar authorities at Yangon International Airport,” the NDMA said. 

Pakistan’s Ambassador to Myanmar Imran Haider, along with the Pakistani embassy’s diplomats and officials, handed over the relief items to the chief minister of Yangon Region, the NDMA said.

“This latest shipment brings the total relief assistance dispatched to Myanmar to 70 tons in response to the recent earthquake,” it added. 

The NDMA said Pakistan’s government remains steadfast in its commitment to providing humanitarian assistance to the earthquake-affected people of Myanmar. 

Earlier, Pakistan’s mission in Myanmar handed over the first consignment of 35 tons of humanitarian assistance to the chief minister of Yangon region for onward distribution among those impacted by the disaster. 

The quake has worsened an already dire humanitarian crisis triggered by the country’s civil war that has internally displaced more than 3 million people and left nearly 20 million in need, according to the UN.

Myanmar military government’s leader, Senior Gen. Min Aung Hlaing, has said the earthquake was the second most powerful in the country’s recorded history after a magnitude 8 quake east of Mandalay in May 1912.

Topics: Pakistan Myanmar

Pakistani novelist bags global award at Women Changing the World Awards 2025

Pakistani novelist bags global award at Women Changing the World Awards 2025
Updated 55 min 16 sec ago
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Pakistani novelist bags global award at Women Changing the World Awards 2025

Pakistani novelist bags global award at Women Changing the World Awards 2025
  • Alishba Khan Barech, Pakistan’s youngest self-published novelist, hails from southwestern Balochistan province
  • Her work centers around “rewriting dominant narratives” especially around militancy-hit Balochistan, says state media
Updated 55 min 16 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan’s self-published novelist Alishba Khan Barech bagged the “Young Woman of the Year” award at the Women Changing the World Awards 2025 program this week, state-run media reported, dedicating her victory to the people of the southwestern Balochistan province she hails from. 

Barech is Pakistan’s youngest self-published author and a native of Balochistan province’s Nushki district, which often features in headlines for militant attacks. She was announced as one of 12 finalists for the Young Woman of the Year award in February 2025, selected from a pool of 751 nominations across over 50 countries.

The Women Changing The World Awards is a global program that honors women making a positive impact across industries such as business, sustainability, leadership, health, education, innovation, and technology. The awards ceremony was held at the Park Hyatt London River Thames from Apr. 2-3. 

“As I’ve said before, my mission has always been to rewrite the narratives that define us,” Barech was quoted as saying by the state-run Associated Press of Pakistan (APP). 

“This award is dedicated with all my heart to my parents, my teachers, my beloved province Balochistan, and my country Pakistan.”

The Pakistani writer said winning the award was “more than a personal milestone” for her, adding that it was proof that stories of resilience rise from Nushki and “not just headlines of conflict and militancy we’ve grown used to.”

State-run APP said Barech’s work centers on rewriting dominant narratives, particularly around Balochistan, where separatists are fighting the state for a larger share in the province’s natural resources. 

“She is Pakistan’s youngest novelist and memoirist, having written her debut novel at the age of 11, youngest memoirist at 14 and self-published author at 16,” the APP said. 

It said Barech has worked with UNICEF Pakistan as its youth ambassador for mental health and polio eradication, adding that she currently serves as a youth adviser to Prime Minister Shehbaz Sharif and is also a member of the National Youth Council. 

The Pakistani author serves as a youth ambassador for the cricket franchise Quetta Gladiators and is the first Pashtun woman from Balochistan, South Asia, to secure a merit scholarship to the John Locke Summer University.

Topics: Women Changing the World Awards 2025 Alishba Khan Barech Nushki

Pakistan signs energy, industrial collaboration agreements with Belarus in push for investment

Pakistan signs energy, industrial collaboration agreements with Belarus in push for investment
Updated 06 April 2025
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Pakistan signs energy, industrial collaboration agreements with Belarus in push for investment

Pakistan signs energy, industrial collaboration agreements with Belarus in push for investment
  • Communications Minister Abdul Aleem Khan visited Minsk this week on two-day visit to bolster bilateral trade, investment ties
  • Pakistan, Belarus have moved closer to foster stronger trade and economic cooperation in various priority sectors in recent months
Updated 06 April 2025
Shahjahan Khurram

ISLAMABAD: Pakistan and Belarus signed key agreements related to energy, industrial collaboration and communications this week, state-run media reported on Sunday, amid Islamabad’s push to secure foreign investments for economic stability. 

Pakistan’s Communications Minister Abdul Aleem Khan arrived in Minsk on Thursday for a two-day visit to bolster foreign trade and investment ties between the two countries. 

During the visit, Khan stressed setting up trade corridors between the two countries to facilitate access to Central Asian countries through routes in Pakistan, China, Afghanistan, or Iran. 

“Pakistan and Belarus have signed multiple cooperation agreements on energy, transport and communications during a high-level Pakistani delegation’s visit to the Eastern European country this week,” state broadcaster Radio Pakistan said in a report. 

“The agreements cover joint projects in energy infrastructure, industrial collaboration, and postal services, with plans to formalize terms during the prime minister’s upcoming visit to Belarus,” it added. 

During the signing ceremony of the agreements on Friday, Khan said both sides aimed to convert past discussions into measurable progress, particularly those related to transport networks and energy solutions. 

“Belarusian Energy Minister Denis Moroz said his country is committed to ensuring greater collaboration with Pakistan across various sectors,” Radio Pakistan said. 

Pakistan and Belarus have moved closer to foster stronger trade and economic cooperation in recent months. Both countries marked 30 years of diplomatic ties last year, with Belarus’ prime minister visiting Islamabad in October 2024 to meet key Pakistani civilian and military officials to bolster economic cooperation. 

Islamabad has aggressively pushed for trade and investment ties with regional allies such as China, Saudi Arabia, United Arab Emirates, Central Asian countries and others recently in its bid to escape a prolonged macroeconomic crisis.

Pakistan has signed memoranda of understanding (MoUs) worth billions of dollars with businesses and entities in China, Saudi Arabia, UAE, Azerbaijan and other countries since last year to ensure sustainable economic growth, driven by increasing exports and financial reforms mandated by the International Monetary Fund (IMF). 

Topics: Pakistan

Pakistan vows to promote merit in selection of athletes on International Day of Sports

Pakistan vows to promote merit in selection of athletes on International Day of Sports
Updated 06 April 2025
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Pakistan vows to promote merit in selection of athletes on International Day of Sports

Pakistan vows to promote merit in selection of athletes on International Day of Sports
  • International Day of Sport and Development for Peace calls for recognizing power of sport in fostering positive change
  • Pakistani sports federations have been criticized for involvement in politics and poor infrastructure, training programs
Updated 06 April 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Sunday promised to promote merit in the selection of athletes and institutional discipline across the country’s sports federations, state-run media said, as the world marked the International Day of Sport and Development for Peace (IDSDP). 

The IDSDP is annually celebrated on Apr. 6 to recognize the power of sport in fostering positive change, bridging barriers, and transcending boundaries.

This year, the IDSDP will focus on the theme of ‘Social Inclusion,’ which aims to challenge stereotypes, promote equal opportunities and enable inclusive sport for all.

“The government is introducing reforms to ensure transparency, accountability and professionalism in national sports federations to improve institutional governance, prioritize merit in the selection of athletes and promote ethical values ​​in the field of sports,” Sharif was quoted as saying, according to a statement from his office. 

Pakistan’s sports federations have been heavily criticized for lack of improvements in infrastructure, training programs, or scouting systems for youth. Media reports have alleged that some sports federations are still heavily influenced by political connections due to which they do not select athletes on merit. 

The Pakistani premier noted that sports were an effective way to further national progress, empower youth and highlight Pakistan’s identity at the international level. He said this was the reason that the government had declared sports a central pillar of its development agenda.

Sharif said Pakistan was determined to become the “center of excellence” in sports and tourism in the region by holding countrywide training camps and the 14th South Asian Games in 2026.

He appealed to all the stakeholders, including civil society and development partners to prominently include sports in policies and programs related to education, health, development and peace.

“Let us together strengthen our system of sports and create an all-encompassing, empowered and sustainable society,” Sharif concluded. 

Topics: International Day of Sports

Artificial glaciers boost water supply in northern Pakistan

Artificial glaciers boost water supply in northern Pakistan
Updated 06 April 2025
AFP
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Artificial glaciers boost water supply in northern Pakistan

Artificial glaciers boost water supply in northern Pakistan
  • Water is piped from streams into villages, and sprayed into air during freezing winter temperatures
  • Gilgit-Baltistan has 13,000 glaciers—more than any other country on Earth outside the polar regions
Updated 06 April 2025
AFP

Hussainabad, Pakistan: At the foot of Pakistan’s impossibly high mountains whitened by frost all year round, farmers grappling with a lack of water have created their own ice towers.

Warmer winters as a result of climate change have reduced the snowfall and subsequent seasonal snowmelt that feeds the valleys of Gilgit-Baltistan, a remote region home to K2, the world’s second-highest peak.

Farmers in the Skardu valley, at an altitude of up to 2,600 meters (8,200 feet) in the shadow of the Karakoram mountain range, searched online for help in how to irrigate their apple and apricot orchards.

“We discovered artificial glaciers on YouTube,” Ghulam Haider Hashmi told AFP.

They watched the videos of Sonam Wangchuk, an environmental activist and engineer in the Indian region of Ladakh, less than 200 kilometers away across a heavily patrolled border, who developed the technique about 10 years ago.

Water is piped from streams into the village, and sprayed into the air during the freezing winter temperatures.

“The water must be propelled so that it freezes in the air when temperatures drop below zero, creating ice towers,” said Zakir Hussain Zakir, a professor at the University of Baltistan.

This aerial photograph taken on March 18, 2025 shows a man (R) looking at an artificial glacier built by local residents during winters to conserve water for the summers at Pari village in Kharmang district, in Pakistan's mountainous Gilgit-Baltistan region. (AFP)

The ice forms in the shape of cones that resemble Buddhist stupas and act as a storage system — steadily melting throughout spring when temperatures rise.

Gilgit-Baltistan has 13,000 glaciers — more than any other country on Earth outside the polar regions.

Their beauty has made the region one of the country’s top tourist destinations — towering peaks loom over the Old Silk Road, still visible from a highway transporting tourists between cherry orchards, glaciers and ice-blue lakes.

Sher Muhammad, a specialist in the Hindu Kush-Himalayan mountain range that stretches from Afghanistan to Myanmar, however said most of the region’s water supply comes from snow melt in spring, with a fraction from annual glacial melt in summers.

“From late October until early April, we were receiving heavy snowfall. But in the past few years, it’s quite dry,” Muhammad, a researcher at the International Center for Integrated Mountain Development (ICIMOD), told AFP.

The first “ice stupas” in Gilgit-Baltistan were created in 2018.

Now, more than 20 villages make them every winter, and “more than 16,000 residents have access to water without having to build reservoirs or tanks,” said Rashid-ud-Din, provincial head of GLOF-2, a UN-Pakistan plan to adapt to the effects of climate change.

Farmer Muhammad Raza told AFP that eight stupas were built in his village of Hussainabad this winter, trapping approximately 20 million liters of water in the ice.

“We no longer have water shortages during planting,” he said, since the open-air reservoirs appeared on the slopes of the valley.

“Before, we had to wait for the glaciers to melt in June to get water, but the stupas saved our fields,” said Ali Kazim, also a farmer in the valley.

This photograph taken on March 19, 2025 shows local residents ploughing a farm at Hussainabad village in Skardu district, in Pakistan's mountainous Gilgit-Baltistan region. (AFP)

Before the stupas, “we planted our crops in May,” said 26-year-old Bashir Ahmed who grows potatoes, wheat and barley in nearby Pari village which has also adopted the method.

And “we only had one growing season, whereas now we can plant two or three times” a year.

Temperatures in Pakistan rose twice as fast between 1981 and 2005 compared to the global average, putting the country on the front line of climate change impacts, including water scarcity.

Its 240 million inhabitants live in a territory that is 80 percent arid or semi-arid and depends on rivers and streams originating in neighboring countries for more than three-quarters of its water.

Glaciers are melting rapidly in Pakistan and across the world, with a few exceptions, including the Karakoram mountain range, increasing the risk of flooding and reducing water supply over the long term.

“Faced with climate change, there are neither rich nor poor, neither urban nor rural; the whole world has become vulnerable,” said 24-year-old Yasir Parvi.

“In our village, with the ice stupas, we decided to take a chance.”

Topics: Artificial glaciers Pakistan Hussainabad Gilgit-Baltistan Skardu Sonam Wangchuk

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