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KSE-100 passes 70,000 milestone following optimism over Saudi investment

In Focus
KSE-100 passes 70,000 milestone following optimism over Saudi investment
On 9 April, shares at the Pakistan Stock Exchange (PSX) surged by more than 600 points due to optimism over Saudi Arabian investment. The KSE-100 surged by 1.25 per cent to reach 70,493.02. The Chief Executive of Topline Securities, Mohammed Sohail, noted that the market crossed the 70,000 point milestone after “positive news on Saudi investment and deposits” received a day earlier when Saudi Arabia agreed to fast-track the initial tranche of USD five billion investment in Pakistan. The same was echoed by the Director of research at Next Capital Limited, Shahab Farooq, who stated: “Optimism of investment package from Saudi Arabia, high remittances, and continued foreign buying are fueling positive sentiments in the market.” Further, the Director of research at Chase Securities, Yousuf M Farooq, said that “optimism regarding the economy” has helped the market to rally, as “remittance numbers for March 2024 came in at USD three billion, likely resulting in a current account surplus for the month, which bodes well for currency stability.” (“KSE-100 index hits record high, crosses 70,000 milestone on optimism over Saudi investment,” Dawn, 9 April 2024)



In Focus
Federal government to declare education emergency; Malala Yousafzai calls for increased expenditure on education
On 9 April, Prime Minister Shehbaz Sharif announced that the federal government would declare a national education emergency while providing all possible resources to educate children from poor families. He promised to establish Daanish Schools in Pakistan-occupied Jammu and Kashmir, Gilgit-Baltistan, and remote areas of Balochistan and Sindh to provide free education to the children of the poor. Sharif emphasized: “This is not the fault of the poor children if their parents cannot afford to provide top quality education to their children despite working hard...If iron gates of the Aitchison College or Grammar School are obstructing their way (to top quality education), the door of Daanish Schools are open for them.” The school will be built in Kurri, spread over 30 acres of land for PKR five billion. It will provide free education and accommodation to the children of low-income families from the capital city and its suburbs. He noted Quaid-i-Azam Mohammad Ali Jinnah’s dream of making education accessible, and described the situation of 26 million children being out of school as “criminal negligence.” Sharif added that the federal government would bear all expenses of constructing the Daanish schools as there can be “no bigger national service or the fulfilment of the responsibility than enrolling these out-of-school children into schools.”

On the same day, Nobel Peace Prize laureate Malala Yousafzai urged Sharif to increase the expenditure on education up to four per cent of the national GDP, as Pakistan is currently spending less than two per cent. The Malala Foundation had given Pakistan USD 15 million to promote education, and Yousafzai asked the new government to “elevate girls’ education as a priority.” She added: “Our work with the Ministry of Federal Education and Professional Training has allowed us to reach more than 4,500 high schools, engaging directly with nearly 500,000 girls through our STEAM partnership. We also support civil society and education experts in their efforts to improve teaching practices, digital education, and girls’ leadership development.” (Syed Irfan Raza, “
Amid schools’ expansion, govt to declare education emergency,” Dawn, 10 April 2024)



In Brief
POLITICS
President, prime minister express solidarity with Muslims of Kashmir and Palestine on Eid
On 9 April, amid Eidul Fitr celebrations, leaders expressed solidarity with the people of Gaza. President Asif Ali Zardari in his Eid message stated: “On behalf of the Pakistan nation, I want to give the message to the oppressed Muslims of Gaza and Palestine that the whole Pakistani nation express solidarity with you.” He called on the “international community to ensure immediate peace in Gaza and provision of assistance to the Palestinians,” and criticized the “oppression, barbarity and genocide by Israel.” Zardari additionally assured the people of Jammu and Kashmir that they had Pakistan’s unwavering support. Prime Minister Shehbaz Sharif in his message also extended solidarity to Muslims in Palestina and Kashmir, stating: “Let us not forget our Palestinian and Kashmiri brethren during our celebrations. We pray for their relief and for peace and harmony to prevail worldwide.” He noted Eid as a day that brings a “message of unity” and encourages fostering a “peaceful and prosperous society.” Sharif also lamented that the people of Kashmir and Palestine are “facing cruelty and oppression,” and called on people to raise their voices “against this oppression together.” The Inter-Services Public Relations (ISPR) also issued a message on the occasion of Eid, saying it was a time to “honour the martyrs of Pakistan, whose ultimate sacrifice in defence of our country secures our freedom and sovereignty.” (“Gaza takes centre stage as Pakistan marks Eidul Fitr,” Dawn, 10 April 2024)

PPP’s Gilani and PML-N’s Nasir elected as chairman and deputy chairman of Senate
On 9 April, PPP’s Syed Yousuf Raza Gilani and PML-N’s Syedal Khan Nasir were elected unopposed as the chairman and deputy chairman of the Senate respectively, as the PTI boycotted the session and elections. Gilani, who ascended to a historic trifecta having held the offices of National Assembly speaker and prime minister earlier, promised he would not compromise on the dignity of the house and its members. The PTI protested the “unconstitutional polls” due to an “incomplete house” since the Election Commission of Pakistan (ECP) had postponed the Senate elections to the extent of Khyber Pakhtunkhwa’s 11 seats. Law Minister Azam Nazeer Tarar referred to Article 60 of the Constitution, as per which elections for the posts of the Senate chairman and deputy chairman are mandatory as soon as the seats become vacant. He added that KP’s elections were delayed because the provincial government ignored the Peshawar High Court (PHC) and ECP’s directions for administering the oath to the lawmakers elected on reserved seats. After 41 members took the oath, Gilani described the Senate as being representative of the diversity and the strength of the nation. He also expressed concern over the attempt to sow hatred among Pakistanis through polarization and incitement. Further, Gilani spoke about the “judicial murder” of former Prime Minister Zulfikar Ali Bhutto. (Rizwan Shehzad, “Historic trifecta as Gilani wins Senate chair,” The Express Tribune, 10 April 2024)
 

SECURITY
Security forces kill two terrorists in intelligence-based operation in KP
On 9 April, as per a press release from the Inter-Services Public Relations (ISPR), two terrorists were killed in an intelligence-based operation (IBO) by security forces in the South Waziristan district of Khyber Pakhtunkhwa (KP). They were successfully “neutralized” following an exchange of fire, after which weapons and explosives were recovered from the militants who had been “actively involved in numerous terrorist activities in the area.” The ISPR affirmed that the “security forces of Pakistan are determined to wipe-out the menace of terrorism from the country.” (Iftikhar Shirazi, “2 terrorists killed in intelligence-based operation in KP’s South Waziristan: ISPR,” Dawn, 9 April 2024)
 

WORLDVIEW
Analysis in The Express Tribune calls for different mindset in tune with the contemporary challenges and opportunities
On 10 April, in an editorial in The Express Tribune titled ‘The state of the Muslim world,’ Talat Masood reflected on the state of the Muslim people, leaders, and countries globally, from a socio-economic and political perspective. With regard to promoting education, Muslim leaders have remained “casual.” For instance, despite being the sixth largest country in terms of its population and being strategically located, 23 per cent of Pakistan’s population is illiterate and its economy is “heavily dependent on foreign assistance.” Turkey is the only Muslim country whose universities match international standards. Without any “visible signs” that Muslim leaders are prioritizing education or realizing the urgency of focusing on education, Muslim countries have become “dependent on foreign education that only the privileged can avail.” Further, very few Muslim countries prioritize the education of girls; in Afghanistan, the state policy which denies this basic right to girls reflects how the Taliban fears that “educated women will pose a challenge to their policies of suppressing their freedom and independent thinking.” With regard to oil and gas, Saudi Arabia and Kuwait have remained major producers; however, they are “heavily dependent on the West for exploration and exploitation of the natural resources.” Even the refineries in the two countries, along with the UAE, have been set up by Western countries, Japan, or South Korea. While there is progress in training and equipping “local talent to develop a sound technological and managerial capability,” it will take time and “consistent effort to acquire autonomy in exploration and exploitation of oil and gas reserves.” The “collective clout” of Muslim oil-producing countries has been hampered by dissention. Political differences between Iran, Saudi Arabia, and other Middle Eastern countries “undermine their political and economic influence.” However, attempts to improve relations between Iran and Saudi Arabia recently have been promising. For Muslim leaders to be set on the right course, there has to be “greater awareness and commitment on the part of leaders toward promoting education.” (Talat Masood, “The state of the Muslim world,” The Express Tribune, 10 April 2024)

Pakistan on Twitter

On the joyous occasion of Eid ul-Fitr, I would like to express my felicitations to my fellow countrymen residing both at home and abroad, as well as to the entire Muslim community.As we revel in the festivities of this auspicious event, let us not forget the importance of spreading joy and sharing our blessings with those who are less fortunate.
-Shehbaz Sharif

For the people of Pakistan, Eid is not just a time of celebration but also a time of reflection and gratitude.
-Sufia

During March 2024, workers’ remittances recorded an inflow of $3.0 billion showing an increase of 31.3% on m/m basis and 16.4% on y/y basis.
-Pakistan Economy

Also read...

Farhan Bokhari, ‘A viable Pakistan?
The News International, 10 April 2024
“The promise of turning around Pakistan’s destiny has been boldly made under regime after regime, without much success. It was therefore hardly surprising that this sorry history repeated itself when Prime Minister Shehbaz Sharif – the latest in a long lineup of leaders – made that claim upon taking charge.Put another way, promising the so-far-undelivered has been a repeated pattern in Pakistan’s unfortunate journey. Within this history, notably tragic for the country’s mainstream population, Pakistan’s leaders have taken their fellow citizens for granted. For instance, in tandem with the country’s worsening healthcare systems to cite a glaring example, prominent leaders have repeatedly opted for overseas medical care for themselves and their family members. Ironically, their commitment to decisively lift Pakistan’s healthcare facilities has received little more than lip service.”

Zahid Hussain, '
Complicit in genocide'
Dawn, 10 April 2024
"While proclaiming unconditional support for Israel, German leaders have expressed scant concern over the devastating impact of the war on the hapless Palestinian population. When asked about her government’s scant efforts towards ensuring a ceasefire, Foreign Minister Annalena Baerbock said: “It is not the job of politicians to tell the guns to shut up.” Her stance may have softened after her latest tour of the region, describing the situation in Gaza as “hell”, but there is still no call for a ceasefire from Germany."

Editorial, ‘
Charity for change
Dawn, 10 April 2024
“Pakistani are large-hearted people who empty their pockets at the slightest hint of another’s need. The Stanford Social Innovative Review reported a few years ago that the country contributed over 1pc of its GDP towards philanthropy. A study by the Pakistan Centre for Philanthropy said that approximately $2bn is donated by Pakistanis per year. Today, as Pakistanis celebrate Eid, it is apt to recall that the collective culture of compassion is rooted in the tradition of ‘giving’ in the Muslim faith, and it takes on various forms: zakat a mandatory duty on a Muslim’s assets for other needy Muslims  fitra, qarz-i-hasana, sadqa, infaaq, khairaat, etc. Moreover, religious tradition also mandates discretion in charity with the intention of protecting the identity and dignity of every beneficiary. While most Muslims are particularly generous during the holy month of Ramazan, the irony of crippling price hikes in the same period — a problem the country has to contend with every year  is not lost on anyone. The patterns of giving, however, have altered over the years: people now prefer to help individuals, trusted religious charities, medical institutes and schools instead of state-sponsored donation drives due to the absence of government accountability and a resounding trust deficit. When the state is involved, the donors question where the funds are going.”

 



 

“It is not easy to say Eid Mubarak”
- An opinion in Dawn, ‘
No joy in Gaza.’

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