Faraz Saeed

LAHORE: The Securities and Exchange Commission of Pakistan has said that media reports have &ldquo;inaccurately interpreted&rdquo; the data on the exit of foreign companies from Pakistan, clarifying that 79 new foreign companies were registered, whereas &ldquo;only 19 foreign companies have ceased operations in Pakistan during 2022 to 2025.&rdquo; For months, headlines have painted a grim narrative: that foreign companies were leaving Pakistan, investment was drying up, and confidence in the country&rsquo;s markets was collapsing.&nbsp; However, the reality, according to the country&rsquo;s top corporate regulator, was far more nuanced and optimistic. The SECP stepped in to correct misconceptions, clarifying that the oft-cited numbers in the media were misleading.&nbsp; In a statement issued earlier this week, the regulator said: &ldquo;Only 19 foreign companies have ceased operations in Pakistan during 2022 to 2025, whereas 79 new foreign companies were registered during the same period.&rdquo; The SECP also highlighted a common source of confusion: &ldquo;The figure of 125 ceased foreign companies, cited in some media reports, represents the cumulative total of companies that ceased operations since 1977 to date. This does not reflect the number of companies that exited in the last three years.&rdquo; As of February, 1,157 foreign companies remained registered and operational in Pakistan, a figure that underscored the continued investor confidence in the country&rsquo;s regulatory and business environment. The inflow of foreign capital was not limited to a single sector.&nbsp; In energy, giants such as Saudi Aramco, Wafi Energy, Gunvor Group, Turkish Petroleum, and SOCAR expanded their presence, while UAE-based DP World entered a joint venture with the National Logistics Corporation, reinforcing Pakistan&rsquo;s logistics and supply chain infrastructure. Technology and digital services also saw significant activity.&nbsp; Global firms such as Google, Samsung, IceWarp, and Russoft Synercon were expanding operations, and local companies such as Woot Tech received substantial foreign investment. In a notable deal, Bazaar Technologies acquired Wemsol, and Saudi Arabia&rsquo;s Waqub Data Company took an 80% stake in Woot Tech. The telecommunications sector has been witnessing consolidation, with PTCL acquiring Telenor Pakistan. In the pharmaceuticals sector, Pfizer transferred its Karachi manufacturing plant to Lucky Core Industries to ensure production continuity, and Sanofi sold its majority stake to a local investor consortium, renaming the company Hoechst Pakistan Limited. Agriculture, mining, and even emerging sectors such as electric vehicles also drew attention.&nbsp; Italy&rsquo;s Euricom S.p.A. acquired a 50% stake in Fatima Euricom Rice Mills, while mining and minerals companies, including Barrick Gold, Strategic Metals US, and Nova Minerals US, continued their investment. Electric vehicle companies like BYD, Chery Automobile, and NWTN Motors were also exploring Pakistan&rsquo;s market potential. Foreign investors already in the country are doubling down. The SECP noted: &ldquo;Mashreq Bank has launched and is expanding Pakistan&rsquo;s first digital bank. Kuwait-backed Raqami Digital Bank plans to invest $100 million. Nestl&eacute; is investing an additional $60 million, and the Engro Jazz consortium is committing more than $550 million toward digital infrastructure expansion.&rdquo; The China-Pakistan Economic Corridor (CPEC) Phase II also accelerated industrial cooperation.&nbsp; To date, 24 business-to-business agreements worth $1.5 billion and memoranda of understanding totaling more than $7 billion have been signed, spanning agriculture, renewable energy, information technology, minerals, and industrial relocation. The SECP&rsquo;s data painted a clear picture: Pakistan was not witnessing an exodus of foreign companies.&nbsp; Even in January alone, foreign investors invested in 82 local companies from diverse countries, including China, the US, the UK, Germany, South Korea, Australia, and more. The narrative of panic is misleading. Companies have continued to enter the market, existing investors have continued to expand their commitments, and foreign capital has continued to flow. As the SECP concluded: &ldquo;Foreign investment is continuing, partnerships are expanding, and Pakistan&rsquo;s regulatory environment continues to inspire confidence among international investors.&rdquo; In an environment where fear often dominates headlines, the numbers tell a different story. Pakistan is not just holding steady; it is growing, attracting strategic investments, and positioning itself as an increasingly attractive destination for foreign capital.

Economy

For months, headlines have suggested a grim narrative stating that foreign companies were leaving Pakistan, the investment was drying up, and the confidence in the country’s markets was collapsing. 

Pakistan defies panic as foreign investment continues to rise

LAHORE: Pakistan Prime Minister Shehbaz Sharif on Friday met with Benjamin Black, CEO of the US International Development Finance Corporation (DFC), in Washington, DC, to discuss ways to strengthen economic engagement, announced the government in a statement on X.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 897px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2024784359354736958&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F4322%2F&sessionId=bfa99bd8866d5fa107615e1698484443b262a642&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" data-tweet-id="2024784359354736958">&nbsp;&nbsp;</iframe></div></div>During the meeting, held on the sidelines of the inaugural Board of Peace session, the prime minister highlighted Pakistan&rsquo;s improving macroeconomic fundamentals, the government&rsquo;s commitment to structural reforms, and the country&rsquo;s favorable investment climate, as per the Press Information Department (PID) statement. The premier invited DFC to increase financing for projects in energy, mining, agriculture, and information technology. He acknowledged the agency&rsquo;s role in promoting joint ventures between Pakistan&#39;s and the United States&#39; private sectors, which he said are important for creating jobs and enhancing productivity.&nbsp; He also noted that DFC&rsquo;s portfolio exceeds $1 billion and emphasized opportunities for business-to-business engagement, as per the statement. PM Sharif extended an invitation to DFC to participate in the Minerals Conference in Islamabad in April 2026 and invited Black to visit Pakistan to explore investment opportunities across multiple sectors.&nbsp; Black briefed the prime minister on DFC&rsquo;s strategic initiatives and current project pipeline in Pakistan and expressed the agency&rsquo;s interest in expanding its presence, noting its readiness following recent reauthorization, it added. In a separate meeting, Prime Minister Shehbaz Sharif held talks with US Secretary of State Marco Rubio, the US State Department said in a press release.&nbsp; According to it, discussions covered cooperation in critical minerals, energy, counter-terrorism, and potential US investment in Pakistan. <a href="https://www.pakistantv.com/article/pakistan-ready-to-help-implement-gaza-peace-plan-pm-sharif-tells-rubio" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Rubio &ldquo;thanked&rdquo; Pakistan</a>&nbsp;for supporting President Trump&rsquo;s Gaza Peace Plan and for joining the inaugural Board of Peace as a founding member.&nbsp; He also offered condolences for the Jan. 31 attacks in Balochistan and the February 6 bombing in Islamabad and reaffirmed the importance of continued collaboration on counter-terrorism, as per the statement. The talks also addressed Pakistan&rsquo;s participation in the recent <a href="https://www.pakistantv.com/article/us-working-to-realize-pakistans-critical-minerals-potential-official-tells-congress" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Critical Minerals</a> Ministerial in Washington, with both sides discussing the development of Pakistan&rsquo;s energy and mineral resources and opportunities for American commercial investment. The two leaders agreed to enhance bilateral trade, economic activity, and cooperation in counter-terrorism efforts. On social media, Rubio wrote, &quot;In our meeting, we discussed the importance of our strategic relationship on critical minerals development and counterterrorism.&rdquo; Responding to the post, Pakistan Foreign Minister Ishaq Dar thanked Rubio and noted Pakistan&rsquo;s longstanding relationship with the United States. &ldquo;We had meaningful discussions on advancing peace, cooperation in fighting against terrorism, and expanding bilateral economic and trade ties,&rdquo; Dar said. &ldquo;We look forward to further strengthening our strategic partnership in all areas of shared interest.&rdquo; Together, these meetings underscore ongoing discussions on economic collaboration and strategic engagement between Pakistan and the United States, with both sides emphasizing continued cooperation in trade, investment, and security.

Pakistan and the United States discussed expanding economic cooperation and strategic engagement, including investments in energy, mining, IT, critical minerals, and counter-terrorism, during meetings between Prime Minister Shehbaz Sharif and U.S. officials

US signals growing investment and strategic engagement with Pakistan

LAHORE: Pakistan is set to take a significant step in mobile phone manufacturing as American tech giant Apple Inc. prepares to begin operations in the country.&nbsp; The move comes under the newly finalized Mobile and Electronics Manufacturing Framework, prepared by the Engineering Development Board (EDB), which is now awaiting approval from Prime Minister Shehbaz Sharif. An EDB official told Pakistan TV Digital that Apple will begin its operations in Pakistan with the refurbishment of two to three-year-old iPhones for re-export. The government expects these refurbished exports to generate $100 million in the first year,&nbsp;with the potential to reach $400 million annually over time. The official added that initial commitments have already been agreed upon, with the Special Assistant to the Prime Minister also giving consent. Apple has requested three key conditions to operate in Pakistan: discounted land, an increase in the performance incentive from 6% to 8%, and formal policy backing for refurbishing older iPhones. The EDB has confirmed that all three conditions have been incorporated into the proposed framework. Earlier, EDB Chief Executive Officer Hamad Ali Mansoor said, &ldquo;This is a model Apple has followed in countries like Indonesia, Malaysia, and India, where they start with repairs, train local staff, and gradually move toward full-scale manufacturing. Pakistan is positioning itself to follow the same approach.&rdquo; To support local manufacturing, the government is establishing a Rs56 billion Technology Investment Fund, aimed at promoting the production of mobile phones and other electronic devices. As part of the framework, the government also plans to introduce an export levy of up to 6%, which is expected to generate Rs62 billion. The proceeds will be used to accelerate localization efforts in phone manufacturing. Phones priced between Rs50,000 and Rs60,000 will be exempt, while the levy will apply to devices costing over Rs100,000. Currently, only 12% of mobile phone components are produced locally. Under the new policy, manufacturers have committed to increasingg local content to 35% in the first year, with a target of 50% in subsequent years. The initiative is being overseen by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, alongside the Engineering Development Board and the Ministry of Industries and Production. The EDB official also highlighted that Pakistan is expecting $557 million in investment from Chinese companies in mobile manufacturing, with Memoranda of Understanding signed during Prime Minister Sharif&rsquo;s visit to Beijing. The broader goal of the framework, the official noted, is to develop Pakistan&rsquo;s capacity in mobile and electronics manufacturing, starting with refurbished iPhones and creating opportunities to expand into laptops, tablets, smartwatches, trackers, and earbuds. The framework has already been reviewed in a high-level meeting and will now be submitted to the Prime Minister for final approval. If implemented, this initiative could mark a significant step in strengthening Pakistan&rsquo;s mobile manufacturing and repair capabilities, while increasing local content and technology investment in the sector.

Currently, only 12% of mobile phone components are produced locally; under the new policy, manufacturers have committed to increasing local content to 35% in the first year, with a target of 50% in subsequent years.

Apple to begin iPhone manufacturing in Pakistan, EDB confirms

LAHORE: Pakistan&rsquo;s IT sector is quietly scripting one of the country&rsquo;s most compelling economic turnarounds. In an environment often overshadowed by macroeconomic pressures, the digital economy is expanding steadily, reshaping export dynamics and signaling a deeper structural transformation.&nbsp;According to data released by the Ministry of Information Technology and Telecommunication, ICT export remittances increased to $2.61 billion during July&ndash;January FY2025-26, marking a 19.78% rise from $2.18 billion in the same period last year. Although the growth has been steady rather than sporadic, it remains consistent.&nbsp;In January alone, ICT services exports reached $374 million, up 19.5% from January 2025, a clear sign of sustained global demand for Pakistani IT and IT-enabled services.&nbsp;Within the services sector, ICT has emerged as the undisputed frontrunner. While &ldquo;other business services&rdquo; generated $1.21 billion over the same seven-month period, the digital segment outpaced every other category, reinforcing its position as Pakistan&rsquo;s most dynamic export performer.&nbsp;The surge reflects more than favorable numbers: it reveals a maturing ecosystem. Improved internet connectivity, competitive pricing, a rapidly expanding talent pool, and targeted government incentives have collectively strengthened the industry&rsquo;s export capacity.&nbsp;Pakistani firms are increasingly delivering sophisticated solutions in software development, fintech integration, cloud services, cybersecurity, and enterprise resource management sectors once dominated by established global tech hubs.&nbsp;Rise of freelancersYet the corporate success story is only one side of the transformation. The other, perhaps more striking, development lies in the rise of freelancers, an army of digitally skilled individuals exporting services directly to global clients.&nbsp;Figures from the State Bank of Pakistan show that freelancers earned $557 million in foreign exchange during the first half of FY26, up 58% year on year from $352 million in the same period last year.&nbsp;The extent of this growth shows how deeply the gig economy has become part of Pakistan&rsquo;s external accounts.&nbsp;From software engineers and digital marketers to graphic designers, content creators, and e-commerce specialists, Pakistani freelancers are tapping into global platforms at unprecedented levels.&nbsp;An Asian Development Bank assessment estimates the country&rsquo;s freelance community at around 2.37 million full-time and part-time workers, placing Pakistan among the world&rsquo;s largest freelancing markets.&nbsp;Policy reforms have helped formalize and incentivize this segment. Freelancers can now maintain foreign currency accounts and retain up to 50% of their income in dollars. Those registered with the Pakistan Software Export Board benefit from a reduced tax rate of just 0.25%, a move aimed at encouraging documentation while keeping the sector competitive.&nbsp;Industry leaders argue that Pakistan&rsquo;s edge lies not merely in cost competitiveness, but in capability.&nbsp;Speaking to Pakistan TV Digital, Sajjad Mustafa, chairman of the Pakistan Software Houses Association (PASHA), credits the sector&rsquo;s revival to export-driven companies that have steadily expanded their global footprint.&nbsp;He points to Pakistan&rsquo;s demographic advantage, a substantial youth bulge, alongside improving product quality, efficient software engineering practices, and strong algorithmic development skills.&nbsp;He notes that the ability to build reliable, scalable solutions with relatively modest compute resources has made Pakistani firms attractive outsourcing partners for international companies.&nbsp;What stands out is the sector&rsquo;s resilience. Even amid domestic economic volatility and infrastructural bottlenecks, ICT exports continue to rise. The industry&rsquo;s growth indicates protection from traditional challenges faced by manufacturing and commodity-based exports.&nbsp;Target for 2026Looking ahead, ambition is high. The government has set a target of $5 billion in IT exports for FY26, though analysts project exports may reach around $4.5 billion, reflecting annual growth of 18-20% from the $3.8 billion recorded in FY25.&nbsp;Under the broader economic transformation framework, Uraan Pakistan&#39;s policymakers aim for $10 billion in IT exports by FY29, a goal that would require a compound annual growth rate of roughly 27% over the next several years.&nbsp;Reaching that milestone will require sustained policy stability, investment in advanced skills such as artificial intelligence and cybersecurity, streamlined payment systems, and ongoing improvements in digital infrastructure. However, if current trends continue, the goal may be within reach.&nbsp;Pakistan&rsquo;s digital economy is no longer just an emerging story; it is steadily becoming a key part of the country&rsquo;s export narrative.&nbsp;In an age driven by data, connectivity, and innovation, the nation&rsquo;s strongest growth driver may very well be the code written in homes, offices, and tech hubs, quietly fueling a new era of economic resilience.

Artificial Intelligence

Pakistan’s IT exports rose nearly 20% to $2.61 billion in FY26’s first seven months, driven by strong global demand and booming freelancing earnings. With supportive policies and a growing talent pool, the sector targets $5 billion in exports.

Pakistan’s tech exports hit $2.61B; freelancer earnings soar 58%

LAHORE: Foreign investors are returning to Pakistan in a big way as January saw the country record its largest net foreign inflows into sovereign bonds since June 2024, according to Bloomberg. Figures from the State Bank of Pakistan show that net foreign inflows reached $176 million in January, marking a dramatic turnaround from withdrawals of $50 million during the same month in 2025.&nbsp; Analysts say this is a clear indicator of renewed investor trust in Pakistan&rsquo;s debt markets. The bulk of investment has gone into bonds with maturities of one year or less, which made up about 85% of total inflows, highlighting foreign investors&rsquo; preference for lower-risk exposure as they gradually increase their positions in the local market. The inflows coincide with a sustained recovery in the Pakistani rupee, which has rebounded from its July lows and is on track to strengthen for the eighth consecutive month against the US dollar.&nbsp; Mohammed Sohail, CEO of Topline Securities Ltd., told Bloomberg that a stable rupee has been pivotal in attracting foreign investors back to local debt markets.&nbsp; Khurram Schehzad, adviser to Pakistan&rsquo;s finance minister, also highlighted currency stability, improving external accounts, and policy continuity as key drivers behind the inflows. Pakistan&rsquo;s foreign exchange reserves now cover more than three months of imports, supported in part by a $7 billion IMF program secured in September 2024, further reassuring international investors, contributing to the inflow surge. Research unit BMI, part of Fitch Solutions, expects policymakers to maintain the rupee near 280 per dollar this year, reflecting a policy framework supportive of sustained foreign investment.&nbsp; The renewed interest in sovereign bonds suggests growing confidence in Pakistan&rsquo;s economic trajectory, especially for investors seeking short-term, lower-risk opportunities. Economist Dr. Ikram ul Haq, while speaking to Pakistan TV Digital, said Pakistan&rsquo;s recording of the largest monthly net foreign inflows into sovereign bonds in 19 months is not merely a capital market headline; it is a political-economy signal.&nbsp; In isolation, it suggests renewed investor appetite. In context, it raises deeper questions about the nature, durability, and consequences of this confidence. From a narrow macro-financial perspective, foreign portfolio inflows into sovereign bonds mean that non-resident investors are purchasing government debt instruments.&nbsp; This generates immediate foreign exchange inflow, supports the rupee, strengthens SBP&rsquo;s reserves position, and reduces short-term financing stress.&nbsp; In a country chronically grappling with current account fragility and rollover risks, such inflows temporarily ease external pressure. Dr. Ikram ul Haq, however, said the issue is not whether money has come; the question is why it has come, at what cost, and with what structural consequence. First, this development is a vote of conditional confidence, likely driven by the IMF program&rsquo;s continuity, fiscal tightening measures, elevated real interest rates, and relative currency stability.&nbsp; Foreign investors are yield-seeking&nbsp;Pakistan presently offers some of the highest real interest rates in emerging markets.&nbsp; In an environment where advanced economies are gradually easing monetary policy, high-yield frontier markets become attractive carry trade destinations.&nbsp; But this is confidence in returns, not necessarily confidence in structural reform. He added that portfolio inflows into sovereign bonds are fundamentally different from foreign direct investment (FDI).&nbsp; FDI builds factories, transfers technology, and generates employment.&nbsp;Portfolio inflows chase interest rate differentials.&nbsp;They are reversible at short notice.&nbsp; Pakistan&rsquo;s historical vulnerability lies precisely in this composition problem: hot money instead of productive capital.&nbsp; If macro conditions shift &mdash; political instability, exchange rate volatility, or IMF slippage &mdash; these flows can reverse with equal speed, exerting pressure on the exchange rate and reserves.Moreover, the inflows highlight the layered fiscal implications.&nbsp; The government finances its deficit through domestic borrowing at high interest rates.&nbsp; When foreigners buy these bonds, the government gains financing flexibility.&nbsp; Yet the interest burden remains elevated.&nbsp; Pakistan already spends an overwhelming portion of federal revenue on debt servicing.&nbsp; If sovereign bond inflows are primarily attracted by high yields, then the state is effectively locking itself into expensive debt.&nbsp; Short-term inflows can therefore exacerbate long-term fiscal rigidity. The broader economic landscape must also be examined.&nbsp;Pakistan&rsquo;s economy has been stabilized &mdash; but not yet transformed.&nbsp; Inflation has moderated from peaks, the current account deficit has narrowed, and reserves have improved modestly.&nbsp; Yet growth remains subdued, industrial activity is fragile, and the cost of doing business, particularly energy and taxation, remains structurally high.&nbsp; In such a setting, bond inflows reflect macro stabilization success, not economic revival. He noted that the signal to global markets is nevertheless important.&nbsp; It indicates that Pakistan is regaining access, albeit cautiously, to international risk capital.&nbsp; This reduces default perception and sovereign risk premium.&nbsp; If sustained, it may gradually compress yields and lower borrowing costs.&nbsp; But sustainability depends on structural reform credibility, not merely short-term macro numbers. As Bloomberg&rsquo;s reporting underscores, January&rsquo;s inflows mark not only a rebound in financial markets but also a potential turning point in Pakistan&rsquo;s broader economic recovery story.

Figures from the SBP show net foreign inflows reached $176 million in January, marking a dramatic turnaround from withdrawals of $50 million during the same month in 2025. 

Foreign investors return to Pakistan as sovereign bond inflows surge

LAHORE: In the cultural heart of Lahore, where poetry still echoes in tea houses and public squares, the 10th edition of the Faiz Festival opens this weekend at Alhamra Arts Council.&nbsp; Over three days, more than 40 sessions will transform the historic venue into a space of dialogue, dissent, music and memory all in tribute to one of South Asia&rsquo;s most influential poets, Faiz Ahmad Faiz. For international observers, the festival is more than a literary gathering. It is a barometer of Pakistan&rsquo;s evolving cultural landscape where poetry, politics and public debate continue to intersect. Born on February 13, 1911, in Kala Qader in Punjab&rsquo;s Narowal district, Faiz emerged in the 20th century as a voice of lyrical resistance. A central figure in the Progressive Writers&rsquo; Movement under the leadership of Sajjad Zaheer, Faiz fused classical Urdu aesthetics with revolutionary humanism. Unlike ideologues who romanticized rebellion, Faiz wrote with a clear-eyed understanding of structural injustice. In his poetry, deprivation is not destiny, it is design. That insight gives his work an enduring resonance in a world still grappling with inequality, authoritarianism and fractured democracies. His literary contributions including Naqsh-e-Faryadi, Dast-e-Saba, Zindan-Nama, Dast-e-Tah-e-Sung, Mere Dil Mere Musafir and Sar-e-Wadi-e-Sina were later compiled into the comprehensive volume Nuskha Haa-e-Wafa. Faiz&rsquo;s international stature placed him alongside poets such as Pablo Neruda, Nazim Hikmet and Mahmoud Darwish, writers who, under the banner of the Afro-Asian Writers&rsquo; Association, articulated a post-colonial vision of dignity and justice.&nbsp; He served as editor of its influential journal Lotus, helping shape a transnational literary conversation across Asia, Africa and Latin America. This year&rsquo;s festival reflects that same breadth of engagement.&nbsp; The opening ceremony features remarks by Salima Hashmi, educationist and daughter of Faiz along with prominent legal and cultural voices.&nbsp; A solo exhibition by artist Naveen Hyder, titled Thread by Thread, She Gathers Herself, sets a contemplative tone, while the evening concludes with musical performances bringing Faiz&rsquo;s verses to life. The program for the first day also included four book launches, a workshop on digital journalism and a theatre performance of the play Dara a dramatized account of the power struggle between Mughal Prince Dara Shikoh and his brother, the future Emperor Aurangzeb. Faiz&rsquo;s biography reads like a chronicle of South Asia&rsquo;s upheavals. During World War II, he served in the British Indian Army, rising to the rank of lieutenant colonel in 1944.&nbsp; After the 1947 Partition, he resigned and moved to the newly formed Pakistan, becoming editor of The Pakistan Times and later managing editor of the Urdu daily Imroz.&nbsp; He was deeply involved in trade union organizing and intellectual life. In 1951, Faiz was arrested in the Rawalpindi Conspiracy Case and accused of plotting a coup. Sentenced to death and imprisoned for four years before his release in 1955, he transformed incarceration into creative ferment; much of Zindan-Nama emerged from those years behind bars. International recognition followed. In 1962, he received the Lenin Peace Prize, cementing his global reputation. Yet political turbulence persisted.&nbsp; After General Muhammad Zia-ul-Haq seized power in 1977, Faiz went into exile, spending time in Beirut before returning to Lahore shortly before his death on November 20, 1984.&nbsp; In 1990, Pakistan posthumously awarded him the Nishan-e-Imtiaz, the nation&rsquo;s highest civilian honor. For visitors arriving in Lahore this weekend, the festival is also a journey into a city long considered Pakistan&rsquo;s cultural capital a place where literary festivals fill auditoriums and poetry recitals draw intergenerational crowds. As the 10th Faiz Festival unfolds at Alhamra Hall, it does more than commemorate a poet. &nbsp;It reactivates a tradition of critical humanism in a region still negotiating the promises and fractures of post-colonial modernity. Nearly four decades after his passing, Faiz&rsquo;s words continue to gather people thread by thread into a collective act of remembrance and resolve.

Culture

Over three days, more than 40 sessions will transform the historic venue into a space of dialogue, dissent, music and memory all in tribute to one of South Asia’s most influential poets, Faiz Ahmad Faiz.

Faiz Festival opens in Pakistan's Lahore celebrating influential poet

LAHORE: Pakistan&rsquo;s central bank chief has projected economic growth of up to 4.75% in the next fiscal year, citing strengthening activity as inflation eases and financial conditions loosen.&nbsp;According to the State Bank of Pakistan, Governor Jameel Ahmad said on Thursday that gross domestic product (GDP) is expected to expand by 3.75%-4.75% in fiscal year 2026, following a 3.7% growth rate in the first quarter.&nbsp;The remarks were made during a meeting of the Agricultural Credit Advisory Committee (ACAC), where officials reviewed the performance of agri-lending. The projection marks a gradual recovery for an economy that only recently stabilized after a balance-of-payments crisis that forced Islamabad into a $7 billion IMF bailout programme.&nbsp;Inflation eases, stability returnsJameel Ahmad said macroeconomic conditions had &ldquo;significantly improved,&rdquo; with overall inflation falling to 5.8% in January, a sharp decline from the double-digit levels seen in recent years, and reiterated that Pakistan had regained macroeconomic stability and was now moving toward sustainable growth.&nbsp;The governor attributed part of the recovery to aggressive monetary easing. The statement comes after Ahmad noted that financial conditions had eased considerably following cumulative policy rate cuts of 1,150 basis points since June 2024.&nbsp;He added that the full impact of those reductions was still feeding through the economy, supporting growth while maintaining price stability.&nbsp;Despite market expectations for more easing, the State Bank kept its benchmark interest rate unchanged at 10.5% last month, signaling caution as it balances domestic recovery with IMF commitments.&nbsp;Agriculture lending hits record high&nbsp;Agriculture, a sector that accounts for nearly a fifth of GDP and employs a large share of the workforce, remains central to the State Bank&rsquo;s recovery strategy. The SBP governor said banks disbursed a record Rs2.58 trillion ($9.2 billion) in agricultural loans during FY25, up 16% year-on-year. In the first half of FY26 alone, lending reached Rs1.41 trillion, while the number of borrowers rose to 2.97 million.&nbsp;The governor stressed the importance of expanding financial inclusion among small and underserved farmers, urging banks to make full use of the central bank&rsquo;s Risk Coverage Scheme for Small Farmers and Underserved Areas, as well as Zarkhez-e, the SBP&rsquo;s flagship digital agricultural lending platform.&nbsp;The ACAC also reviewed progress under Zarkhez-e, which officials describe as a key component in digitalizing agricultural credit delivery.&nbsp;Boosting post-harvest liquidityThe committee discussed expanding electronic warehouse receipt financing, a system that allows farmers to store crops and access credit against warehouse receipts, rather than resorting to distress sales immediately after harvest.&nbsp;Officials say the move could strengthen agricultural market linkages and improve post-harvest liquidity. Ahmad underlined that agriculture remains critical not only for farm productivity but also for rural livelihoods and food security.&nbsp;Strengthening agricultural financial intermediation, he said, is essential to promote value addition and ensure long-term sectoral sustainability.&nbsp;Balancing growth and IMF oversightThe SBP&rsquo;s cautious stance reflects the delicate stage of Pakistan&rsquo;s recovery. The country is still operating under IMF oversight after narrowly avoiding default in 2023.&nbsp;While inflation has eased and foreign exchange pressures have stabilized, policymakers remain wary of reigniting external imbalances. By holding rates at 10.5% despite expectations of a cut, the central bank signaled that monetary easing will proceed gradually.&nbsp;For now, the SBP&rsquo;s message is clear: macroeconomic stability has been restored, inflation is moderating, credit is expanding, particularly in agriculture, and growth is set to strengthen. The challenge will be sustaining that momentum without undermining hard-won stability.

Pakistan’s central bank governor, Jameel Ahmad, projects 3.75%-4.75% GDP growth in 2026, citing eased inflation, record agricultural loans, and financial inclusion efforts, while cautiously balancing recovery with IMF commitments and macroeconomic stability.

Pakistan’s central bank sees growth picking up as inflation slows  

LAHORE: Moody&rsquo;s Investors Service has revised Pakistan&rsquo;s banking sector outlook from &quot;Positive&quot; to &quot;Stable,&quot; citing slow economic recovery and improving financial conditions. &ldquo;We have changed our outlook on Pakistan&rsquo;s banking system to stable from positive,&rdquo; the global rating agency said on Monday.&nbsp; Moody&rsquo;s noted that the operating environment continues to recover, &ldquo;but only gradually, supported by the country&rsquo;s slowly improving economic and fiscal outlook and strengthening external position.&rdquo; The agency also highlighted that while banks&rsquo; financial performance will remain stable over the next 12-18 months, challenges related to asset quality and profitability persist.&nbsp; &ldquo;The sector outlook also aligns with that of the Government of Pakistan (Caa1 stable), given banks&rsquo; substantial holdings of government securities, which account for around half of total banking assets,&rdquo; Moody&rsquo;s said. It added that Pakistan&rsquo;s long-term debt sustainability remains uncertain due to a still-weak fiscal position and external vulnerabilities. Moody&rsquo;s projects that Pakistan&rsquo;s economy will grow by about 3.5% in 2026, a slight increase from 3.1% in 2025. Inflation has significantly reduced to 4.5% in 2025, down from 23% in 2024, but is expected to rise again to approximately 7.5% in 2026. Lower inflation is helping reduce borrowing costs, which may encourage more borrowing and stabilize banks&#39; loan quality. Despite recent floods affecting agriculture, the industrial and service sectors are expected to remain strong. Although there were initial spikes in loan defaults, Moody&rsquo;s anticipates robust credit growth in 2026. Even with some weaknesses, banks should keep their problem loan ratios around 8% and maintain solid capital ratios, indicating a healthy balance. Waqas Ghani, Head of Research, JS Global, said, &ldquo;It is clear that sustained improvement will depend on effective policy implementation and greater external financial support, as risks are still hanging around.&rdquo; He added of the revision that, &quot;This development is not expected to materially alter the overall outlook of the sector.&quot; However, the stable outlook does reflect a positive shift toward a more stable banking environment, linking banks&rsquo; health closely to the government&rsquo;s economic outlook. Lower interest rates are expected to support credit growth without significantly increasing risk. Overall, Moody&rsquo;s rating indicates that while there are still risks, Pakistan&rsquo;s banks are on a path to gradual recovery, offering a more balanced outlook in the current emerging-market landscape.

Moody’s has changed Pakistan’s banking outlook to stable, citing gradual economic recovery, lower inflation, improving financial conditions, and expectations that banks will remain stable and well-capitalized over the next year.

Moody’s revises Pakistan’s banking sector outlook to stable amid gradual recovery

LAHORE: The city&#39;s three-day Basant festival wrapped up this week, marking the first officially supervised celebration of the spring festival in nearly 20 years.&nbsp; Aside from its cultural symbolism, the event provided measurable insights into public participation, economic activity, and the practicality of hosting large-scale traditional festivals under modern regulations. Basant has historically been central to Lahore&rsquo;s cultural identity, but concerns over safety led to its suspension in the mid-2000s. Its revival, even in a limited format, was therefore closely observed by authorities, businesses, and the public alike.&nbsp; The scale of engagement during the three days suggests sustained public demand for cultural events rooted in local tradition. Preliminary market estimates show that kite-related items alone generated sales of over Rs 2 billion, with additional revenue across the hospitality, transportation, retail, and food sectors.&nbsp; During televised remarks, Punjab Chief Minister Maryam Nawaz said that billions of rupees in total business were recorded during the Basant period, benefiting small vendors as well as large industries, including hotels, catering services, and transport providers. Millions entered the city during the festivalMobility and tourism data further highlight the festival&rsquo;s reach.&nbsp; According to government estimates, 4-5 million people entered Lahore by road during the festival days, while nearly one million vehicles were recorded entering the city.&nbsp; Air travel to Lahore also remained fully booked, reflecting strong domestic travel demand linked to the event. To manage urban movement and accessibility, the Punjab government provided free public transportation services, which were utilized by an estimated 2.6 million passengers over the three days.&nbsp; The numbers indicate a strong reliance on public infrastructure during major cultural events and serve as a reference for future planning. First-ever Basant for young peopleSocially, the festival bridged generational gaps.&nbsp; While older residents returned to familiar customs, rooftop kite flying, traditional yellow and white clothing, and communal meals, many younger Lahoris experienced Basant for the first time. This first-time participation underscores how cultural practices can re-enter public life after long absences and regain relevance among new audiences. The event was conducted under heightened security measures, including Safe City camera monitoring, thermal drones, and coordinated surveillance.&nbsp; Authorities reported that the controlled environment allowed celebrations to proceed while addressing longstanding safety concerns associated with Basant. Foreign visitors attendedForeign visitors also participated in noticeable numbers, attending rooftop gatherings and public events. Their presence reinforced Lahore&rsquo;s image as a regional cultural destination and highlighted the festival&rsquo;s potential role in cultural tourism. Speaking to Pakistan Television Digital, David Wagner, who arrived in Lahore from Germany for a local literature festival, expressed his excitement about Basant.&nbsp; He shared his experience flying a kite and highlighted how the Basant festival can bring people together. &ldquo;I had the chance to be on a rooftop, I flew the kite myself, and I loved it,&rdquo; he said, adding, &ldquo;I like it very much to have it in spring. To celebrate and bring the community together &mdash; it&rsquo;s a wonderful thing.&rdquo; As the festival ended, Basant&rsquo;s return offered more than just nostalgia. It provided data-backed evidence of economic boost, public participation, and logistical strength.&nbsp; For policymakers and cultural organizers, the three-day event serves as a case study in how heritage festivals can be reintroduced responsibly, balancing tradition with regulation and celebration with civic order.

Basant’s return offered more than just nostalgia. It provided data-backed evidence of economic boost, public participation, and logistical strength. 

Preliminary market estimates show that kite-related items alone generated sales of over Rs 2 billion, with additional revenue across the hospitality, transportation, retail, and food sectors. 

Basant festival concludes amid cultural revival, economic momentum 

LAHORE: Punjab Chief Minister Maryam Nawaz Sharif announced the cancellation of her scheduled&nbsp;<a href="https://www.pakistantv.com/article/lahore-reclaims-its-sky-as-basant-returns-after-two-decades" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Basant-related engagements</a>, including a major official event in Lahore, following a deadly suicide blast at a Shiite Imambargah in Islamabad.&nbsp;&ldquo;In the wake of the&nbsp;<a href="https://www.pakistantv.com/article/pm-sharif-condemns-mosque-blast-orders-probe" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Islamabad tragedy</a>, I am cancelling all my Basant-related activities that were scheduled for tomorrow,&rdquo; Sharif said in a post.&nbsp;She added, &ldquo;The mega Basant show at the Liberty Square also stands cancelled.&rdquo;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfdGltZWxpbmVfbGlzdCI6eyJidWNrZXQiOltdLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2ZvbGxvd2VyX2NvdW50X3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9iYWNrZW5kIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19yZWZzcmNfc2Vzc2lvbiI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfZm9zbnJfc29mdF9pbnRlcnZlbnRpb25zX2VuYWJsZWQiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X21peGVkX21lZGlhXzE1ODk3Ijp7ImJ1Y2tldCI6InRyZWF0bWVudCIsInZlcnNpb24iOm51bGx9LCJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3Nob3dfYmlyZHdhdGNoX3Bpdm90c19lbmFibGVkIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19kdXBsaWNhdGVfc2NyaWJlc190b19zZXR0aW5ncyI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdXNlX3Byb2ZpbGVfaW1hZ2Vfc2hhcGVfZW5hYmxlZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfdmlkZW9faGxzX2R5bmFtaWNfbWFuaWZlc3RzXzE1MDgyIjp7ImJ1Y2tldCI6InRydWVfYml0cmF0ZSIsInZlcnNpb24iOm51bGx9LCJ0ZndfbGVnYWN5X3RpbWVsaW5lX3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9mcm9udGVuZCI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=2019789804121235457&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=e0e07450beb7a6cf411979d4f55f4636fc22cf37&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 369px; display: block; flex-grow: 1;" data-tweet-id="2019789804121235457"></iframe></div></div>She stressed that the decision was taken in light of the national security situation and called for unity against militancy.&nbsp;&ldquo;It is imperative that the nation remains united against the Khwarji [terrorists] menace and their &lsquo;sympathisers&rsquo;, shows them no mercy, and stands shoulder to shoulder with our Armed Forces in defense of the country,&rdquo; she wrote, concluding with, &ldquo;Pakistan Zindabad.&rdquo;&nbsp;The announcement followed a suicide blast at the Imambargah Qasr-e-Khadijatul Kubra mosque in Islamabad&rsquo;s Tarlai area during Friday prayers. At least 31 people were killed and 169 wounded, according to officials, with the toll expected to rise as several injured remain in critical condition.&nbsp;In a separate statement, the Punjab chief minister outlined emergency measures ordered by her government to assist victims. &ldquo;25 fully equipped emergency ambulances have been dispatched to Islamabad for the victims of the Imambargah blast,&rdquo; she said.&nbsp;She added that &ldquo;all hospitals across Rawalpindi District have been placed on high alert, with surgical teams, anesthetists, orthopedic and neurosurgical specialists on standby.&rdquo;&nbsp;According to her post, &ldquo;blood banks are fully staffed, and operation theatres are fully equipped to ensure prompt and effective medical care for the injured,&rdquo; while the commissioner and deputy commissioner of Rawalpindi had been directed &ldquo;to extend every possible assistance.&rdquo;&nbsp;Expressing grief over the attack, Sharif said she was &ldquo;deeply saddened by the tragic blast at an Imambargah in Islamabad.&rdquo;&nbsp;She added, &ldquo;My heart goes out to the victims and their families during this painful time. Prayers for the swift recovery of the injured, and may Allah grant patience and strength to all those affected. Ameen.&rdquo;&nbsp;The blast occurred amid heightened security challenges in Pakistan and cast a shadow over Basant, the spring kite-flying festival that had just returned to Lahore after authorities lifted a ban in place for more than two decades for a limited three-day period.&nbsp;While Basant festivities continued across the city, Sharif&rsquo;s decision made clear that official government celebrations and her personal participation would not go ahead, reflecting the somber national mood following the Islamabad tragedy.

Security

Maryam Nawaz Sharif, chief minister of Pakistan’s Punjab province, cancels her Basant activities and a Lahore event after an Islamabad suicide blast, while mobilizing emergency medical support.

Punjab CM cancels her Basant activities, Lahore event after Islamabad blast

Web Desk

ISLAMABAD: The Bangladesh government will pilot the distribution of 500,000 Krishak Smart Cards to farmers in 15 upazilas (sub-districts) within 180 days as part of a 2023-28 development program.&nbsp; If successful, the initiative will expand nationwide,&nbsp;<a href="https://www.pakistantv.com/article/bangladesh-signals-push-to-revitalize-saarc" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">Bangladeshi</a>&nbsp;media reported on Thursday. The program aims to register 22.7 million&nbsp;<a href="https://www.pakistantv.com/article/govt-aims-to-launch-family-card-scheme-before-eid-bangladeshi-relief-minister" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">farmers</a>&nbsp;nationwide by 2028.&nbsp;Digital card system&nbsp;A meeting chaired by&nbsp;<a href="https://www.pakistantv.com/article/bangladesh-vows-to-reform-policies-attract-foreign-investment-in-jute-sector" target="_blank" style="color: rgb(0, 0, 0);" rel="noopener noreferrer">Prime Minister Tarique Rahman</a>&nbsp;in Dhaka on Monday directed authorities to roll out the digital card system as part of a technology-driven support framework for farmers. Abul Kalam Azad, coordinator of the PARTNER programme, said the Food and Agriculture Organization is collecting data to prepare the beneficiary list.&nbsp; Once the FAO submits the data and the feasibility study is complete, the Department of Agricultural Extension will finalize the beneficiary list and select the upazilas.&nbsp;Financial, logistical incentives&nbsp;The card will initially register 500,000 farmers, including landless peasants, small and medium farmers, lessees, and landowners.&nbsp; Cardholders will be able to access financial and logistical incentives, agricultural advisories, weather information and other services. If the pilot proves successful, nationwide registration will follow.&nbsp; The PARTNER project, launched in 2023, has a total budget of $1.343 billion, funded by the World Bank, the International Fund for Agricultural Development, and the Bangladesh government.

Bangladesh

The program aims to register 22.7 million farmers across the country by 2028; a meeting chaired by PM Rahman in Dhaka directed authorities to roll out the digital card system for farmers. Cardholders will be able to access financial and logistical incentives, agricultural advisories, weather information and other services.

Bangladesh to distribute 0.5M farmer cards in 180 days

TEHRAN: Iran&#39;s President Masoud Pezeshkian reiterated on Thursday that Tehran was not seeking a nuclear weapon, in a speech ahead of talks with the United States in Switzerland. The talks follow a massive military build-up by the&nbsp;<a href="https://www.pakistantv.com/article/us-presses-missile-issue-as-new-iran-talks-to-open-in-geneva" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">United States</a>&nbsp;in the region not seen in decades, and with President Donald Trump repeatedly threatening strikes should talks fail. &quot;Our&nbsp;<a href="https://www.pakistantv.com/article/iran-rejects-us-claims-on-missile-programme-as-big-lies" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Supreme Leader</a>&nbsp;has already stated that we will not have nuclear weapons at all,&quot;&nbsp;<a href="https://www.pakistantv.com/article/irans-top-diplomat-leaves-for-geneva-for-talks-with-us" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Pezeshkian</a>&nbsp;said, in a reference to Ayatollah Ali Khamenei. &quot;Even if I wanted to move in that direction, I could not -- from a doctrinal standpoint, I would not be permitted.&quot; &quot;If they (the US) strike us, a hundred more like us will rise and run the country. If we stand together and join hands, no power will be able to bring us to a standstill,&quot; said Pezeshkian.

Middle East

Iran’s President Masoud Pezeshkian reiterates on Thursday that Tehran is not seeking nuclear weapons in line with the policy set by the country’s Supreme Leader.

Iran president says ahead of US talks not seeking nuclear weapon 'at all'

ISLAMABAD: The US has levied a preliminary countervailing duty (CVD) of 126% on specific Indian solar products, citing unfair subsidies, according to an Indian media report.&nbsp;This move is expected to disrupt the growing momentum of solar exports from&nbsp;<a href="https://www.pakistantv.com/article/global-ai-summit-in-india-still-without-final-statement" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">India&nbsp;</a>to the US and raise concerns about increasing domestic competition and regulatory uncertainty. On Feb. 24, the US Department of Commerce announced its preliminary affirmative determination in investigations into imports of crystalline silicon photovoltaic cells from&nbsp;<a href="https://www.pakistantv.com/article/potholes-killed-over-9400-from-2020-to-2024-in-india" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">India</a>.&nbsp; The investigation also includes parallel anti-dumping probes into solar cells from these countries.&nbsp;&nbsp;Final determination&nbsp;A final determination in the countervailing duty investigations is scheduled for July 6. The new duties come at a time when the US already imposed a 10% across-the-board tariff under the Trump administration, further complicating trade relations. Despite the steep tariff, many leading Indian solar manufacturers have downplayed the immediate impact.&nbsp;&nbsp;Impact on market dynamics&nbsp;However, analysts warn that the duties could disrupt trade flows, put downward pressure on domestic prices, and affect overall profitability.&nbsp; Rating agency Icra highlighted that increased regulatory uncertainty could dampen export volumes, which stood at 3 GW in 2025.&nbsp;&nbsp;Solar stocks&nbsp;Crisil Intelligence added that Indian modules could become at least 30% more expensive than US-made ones, potentially impacting market dynamics. Following the announcement, solar stocks in India dropped sharply, with Waaree Energies falling 10.47%, Premier Energies 6.27%, and Vikram Solar 5.45%, the Indian media report said.

India

On Feb. 24, the US Department of Commerce announced its preliminary affirmative determination in investigations into imports of crystalline silicon photovoltaic cells from India; final determination in countervailing duty investigations is scheduled for July 6.

US imposes 126% duty on Indian solar exports, raising trade concerns

HAVANA: Cuba said Wednesday it thwarted an attempted armed infiltration from the United States, after its coast guard opened fire on a Florida-registered speedboat near the island&rsquo;s northern coast, killing four people and wounding six. In a statement, Cuba&rsquo;s Interior Ministry said the vessel was intercepted about one nautical mile from Cayo Falcones island. As Cuban authorities approached, &ldquo;shots were fired from the illegal speedboat,&rdquo; injuring the commander of the Cuban patrol craft. &ldquo;As a result of the clash, at the time of this report, on the foreign side, four aggressors were killed and six others were wounded,&rdquo; the ministry said, adding that the injured were evacuated and provided medical assistance. The ministry said assault rifles, handguns, Molotov cocktails and other military-style equipment were recovered from the vessel, registered in Florida under the number FL7726SH. The 10 occupants were identified as Cubans living in the United States. Those arrested after the exchange of gunfire claimed they &ldquo;intended to carry out an infiltration for the purposes of terrorism,&rdquo; according to Cuban authorities. In a subsequent statement, the ministry released the names of seven of the individuals and said most had prior records in Cuba for &ldquo;criminal and violent activity.&rdquo; &nbsp;A man allegedly sent from the United States to participate in the operation was arrested on Cuban soil and confessed, it added. The incident marks a fresh source of tension between Havana and Washington. US Secretary of State Marco Rubio said the United States was seeking its own account of events and would &ldquo;respond accordingly.&rdquo; &ldquo;We&rsquo;re not going to base our conclusions on what they&rsquo;ve (Cuba) told us, and I&rsquo;m very, very confident that we will know the full story of what happened here,&rdquo; Rubio told reporters during a visit to St. Kitts and Nevis. &ldquo;As we gather more information, then we&rsquo;ll be prepared to respond accordingly.&rdquo; Florida&rsquo;s attorney general ordered an investigation into the killings. The state lies just 100 miles (160 kilometers) from Cuba across the Florida Straits and has long been a focal point for Cuban migration. Cuban authorities frequently report incursions by speedboats from the United States into their territorial waters. Such incidents are often linked to people-smuggling or drug trafficking and have at times involved chases and armed confrontations with border guards. The shootings come amid broader strains between the two countries. President Donald Trump in January imposed a sweeping oil blockade on Cuba following the US ouster of Venezuelan leader Nicolas Maduro, a key ally of Havana. Before Maduro&rsquo;s removal on Jan. 3, Cuba relied on Venezuela for roughly half of its fuel needs. Facing pressure from Caribbean leaders concerned that severe fuel shortages could destabilize the island&rsquo;s economy, Washington later said it would allow limited shipments of Venezuelan oil for &ldquo;commercial and humanitarian use,&rdquo; provided they went through private entities rather than the Cuban government or military-controlled businesses. Cuba&rsquo;s economy, already weakened by decades of US trade restrictions dating back to the 1959 revolution led by Fidel Castro, has been pushed to the brink in recent months. Chronic shortages of food and medicine and daily blackouts have fueled an exodus of Cubans, many heading to southern Florida. Mexico this week dispatched two military vessels carrying nearly 2,200 tons of aid to the island, its second shipment in under a month, while Canada announced Can$8 million ($5.8 million) in additional assistance on Wednesday.

Cuban coast guard ships docked at the port of Havana on February 25, 2026.(AFP)

Americas

Cuba says it killed four and wounded six people aboard a Florida-registered speedboat, describing it as armed and planning a terrorist infiltration after an exchange of gunfire near its northern coast, escalating tensions with the United States.

Cuba kills four on US-registered speedboat trying to 'infiltrate'

KYIV: US President Donald Trump spoke with his Ukrainian counterpart Volodymyr Zelensky ahead of a fresh round of talks Thursday aimed at ending Russia&#39;s invasion, both sides said on Wednesday. A White House official gave AFP no further details about the call, which came a day before Ukrainian and US envoys were to meet, and ahead of new trilateral talks with Russia expected in early March. But Zelensky wrote on social media that he had spoken with Trump, and that his envoys Steve Witkoff and Jared Kushner were on the call. &quot;Our teams work intensively and I thanked them for all their work and for their active involvement in the negotiations and the efforts to end the war,&quot; he added. According to Ukrainian presidential adviser Dmytro Lytvyn, the conversation &quot;lasted about 30 minutes.&quot; Ukraine&#39;s lead negotiator Rustem Umerov will meet Witkoff and Kushner in Geneva on Thursday, Kyiv announced. Russian state news agency Tass later said that the Kremlin&#39;s economic affairs envoy, Kirill Dmitriev, also plans to be in the city. &quot;Dmitriev plans to arrive in Geneva on Thursday to pursue negotiations with the Americans on economic issues,&quot; it cited an unnamed source as saying. The meetings are the latest round of negotiations spearheaded by Trump that so far have failed to make meaningful progress on ending Europe&#39;s deadliest conflict since World War II. Washington is pushing to bring an end to the war triggered by Russia&#39;s full-scale invasion of Ukraine four years ago, which has left hundreds of thousands of dead and destroyed swathes of territory, particularly in eastern and southern Ukraine. Preparatory talks&nbsp;Zelensky said his call with Trump &quot;discussed the issues that our representatives will address tomorrow in Geneva during the bilateral meeting, as well as preparations for the next meeting of the full negotiating teams in a trilateral format at the very beginning of March.&quot; &quot;We expect this meeting to create an opportunity to move talks to the leaders&#39; level. President Trump supports this sequence of steps. This is the only way to resolve all the complex and sensitive issues and finally end the war,&quot; he added. The Ukrainian leader has already said that a meeting with his Russian counterpart, Vladimir Putin, should take place to resolve the most difficult issues in the talks. The talks, based on an American plan unveiled at the end of last year, are deadlocked primarily on the fate of the Donbas, the industrial region in eastern Ukraine that has been the epicenter of the fighting. Russia is pushing for full control of Ukraine&#39;s eastern Donetsk region, and has threatened to take it by force if Kyiv does not cave at the negotiating table. But Ukraine has rejected the demand and signaled it would not sign a deal without security guarantees that deter Russia from invading again.

Europe

Ukraine's lead negotiator Rustem Umerov will meet Witkoff and Kushner in Geneva on Thursday; Russian state news agency says Kremlin's economic affairs envoy, Kirill Dmitriev, also plans to be in the city.

Trump, Zelensky speak before Ukraine-US talks in Geneva

GENEVA: The United States and Iran are set to hold indirect talks in Switzerland on Thursday, aiming to strike a deal to avert a fresh conflict and end weeks of threats. The new round of negotiations in Geneva comes after the US carried out a massive military build-up in the region and President Donald Trump repeatedly threatened to strike Iran if a deal is not reached. In his State of the Union address on Tuesday, Trump accused Iran of &quot;pursuing sinister nuclear ambitions.&quot; He also claimed Tehran had &quot;already developed missiles that can threaten Europe and our bases overseas, and they&#39;re working to build missiles that will soon reach the United States of America.&quot; The Iranian foreign ministry called these claims &quot;big lies.&quot; The maximum range of Iran&#39;s missiles is 2,000 kilometers (1,200 miles) according to what Tehran has publicly disclosed. However, the US Congressional Research Service estimates they top out at about 3,000 kilometers &mdash; less than a third of the distance to the continental United States. The dispute between the countries mostly revolves around Iran&#39;s nuclear program, which the West believes is aimed at building an atomic bomb but Tehran insists is peaceful. However, the US has also been pushing to discuss Iran&#39;s ballistic missile program, as well as Tehran&#39;s support for armed groups hostile towards Israel. Secretary of State Marco Rubio warned that Iran must also negotiate on its missile program, calling Tehran&#39;s refusal to discuss ballistic weapons &quot;a big, big problem&quot; on the eve of the talks. He followed up by saying, &quot;the president wants diplomatic solutions.&quot; Iran has taken anything beyond the nuclear issue off the negotiating table and has demanded that the US sanctions crippling its economy be part of any agreement. &#39;Neither war nor peace&#39;&nbsp;Iranian President Masoud Pezeshkian said on Wednesday he had a &quot;favorable outlook for the negotiations&quot; that could finally &quot;move beyond this &#39;neither war nor peace&#39; situation.&quot; Foreign Minister Abbas Araghchi, who is leading the Iranian delegation at the talks, has called them &quot;a historic opportunity,&quot; adding that a deal was &quot;within reach.&quot; The US will be represented by envoy Steve Witkoff and Jared Kushner, who is married to Trump&#39;s daughter Ivanka. The two countries held talks earlier this month in Oman, which is mediating the negotiations, then gathered for a second round in Geneva last week. A previous attempt at negotiations collapsed when Israel launched surprise strikes on Iran last June, beginning a 12-day war that Washington briefly joined to bomb Iranian nuclear sites. In January, fresh tensions between the US and Iran emerged after Tehran engaged in a crackdown on widespread protests that have posed one of the greatest challenges to the Islamic republic since its inception. Trump has threatened several times to intervene to &quot;help&quot; the Iranian people. Emile Hokayem, a senior fellow for Middle East security at the International Institute for Strategic Studies, said, &quot;The region seems to expect a war at this point.&quot; In January, there was &quot;a big push by a number of Middle Eastern states to convince the US not to&quot; strike Iran. &quot;But there&#39;s a lot of apprehension at this point, because the expectation is that this time, a war would be &quot;bigger&quot; than the one in June.

The new round of negotiations in Geneva comes after the US carried out a massive military build-up in the region; President Trump has threatened to strike Iran if a deal is not reached, accuses Iran of 'pursuing sinister nuclear ambitions.'

US presses missile issue as new Iran talks to open in Geneva

SEOUL: North Korean leader Kim Jong Un has suggested his country could &quot;get along&quot; with the United States but declared that South Korea &mdash; Washington&#39;s security ally &mdash; remained its &quot;most hostile&quot; enemy, state media reported Thursday. Kim made the remarks at the end of a landmark party congress, urging Washington to respect Pyongyang&#39;s status as a nuclear power. His words came as speculation grows that US President Donald Trump may seek some kind of meeting with Kim on the sidelines of a visit to China in April. If Washington &quot;respects our country&#39;s current status as stipulated in the Constitution ... and withdraws its hostile policy ... there is no reason why we cannot get along well with the United States,&quot; Kim said, according to the Korean Central News Agency (KCNA). But he appeared to close the door on any notion of building closer ties with South Korea, saying he would &quot;permanently exclude&quot; Seoul as one of his nation&#39;s &quot;compatriots.&quot; North Korea has &quot;absolutely no business dealing with South Korea, its most hostile entity,&quot; Kim said, calling Seoul&#39;s recent dovish efforts &quot;deceptive.&quot; Pyongyang amended its constitution in 2024 to define South Korea as a &quot;hostile state&quot; for the first time. A &quot;grand&quot; military parade marked the end of the Workers&#39; Party congress, a once-in-five-years event that directs state efforts on everything from foreign policy to war planning. North Korea has used such parades in the past to show off its newest weapons, offering a rare source of insight into the strength of its armed forces. Trump overtures&nbsp;US President Donald Trump stepped up his courtship of Kim during a tour of Asia last year, saying he was &quot;100%&quot; open to a meeting. Trump even bucked decades of US policy by conceding that North Korea was &quot;sort of a nuclear power.&quot; A Trump-Kim meeting in April would mark a major breakthrough after years of deadlocked diplomacy following the collapse of their 2019 summit in Hanoi over sanctions relief and what Pyongyang would be willing to give up from its nuclear arsenal in return. Kim appeared alongside China&#39;s Xi Jinping and Russia&#39;s Vladimir Putin at a grand military parade in Beijing last year &mdash; a striking display of his powerful friends and elevated status in global politics. Pyongyang has particularly drawn much closer to Moscow, sending thousands of troops to aid Russia&#39;s war against Ukraine. Analysts say Russia is giving North Korea military technology, food, and energy supplies in return, allowing it to sidestep tough international sanctions. &quot;With Moscow now providing a substantial economic lifeline &mdash; effectively neutralizing the bite of UN sanctions &mdash; Kim Jong Un no longer feels the same urgency to respond&quot; to Washington&#39;s dialogue gestures, Seong-Hyon Lee, a visiting scholar at the Harvard University Asia Center, told AFP.

Asia

North Korean leader Kim Jong Un says if Washington 'respects our country's current status as stipulated in the Constitution ... and withdraws its hostile policy ... there is no reason why we cannot get along well with the United States'.

North Korea says willing to 'get along' with US if acknowledged as nuclear power

Web Desk/AFP

JERUSALEM: Indian Prime Minister Narendra Modi on Wednesday said that his country stood &quot;firmly&quot; with Israel following the war in Gaza, which resulted in the death of more than 70,000 Palestinians.&nbsp; Modi also met with Israeli Prime Minister Benjamin Netanyahu during a <a href="https://www.pakistantv.com/article/indias-modi-heads-to-israel-to-strengthen-cooperation" style="color:#0073e6;">two-day visit</a> aimed at deepening trade and defense ties that have drawn criticism at home. &quot;India stands with Israel firmly with full conviction in this moment and beyond.&quot; In his speech, Modi did not explicitly mention the tens of thousands of Palestinians killed in Gaza during the more than two-year bombardment of Gaza. Speaking to the Knesset, Modi also told Israeli lawmakers that his country&#39;s economic growth and Israel&#39;s leadership in technological innovation formed a &quot;natural foundation for our forward-looking partnership.&quot; &quot;I see a lot of synergies in areas such as quantum technologies, semiconductors and artificial intelligence,&quot; he added. Netanyahu told Modi that &quot;India supports Israel because it understands that Israel serves as a defensive wall,&quot; adding that his visit will allow them to &quot;further reinforce our ties.&quot; It is Modi&#39;s second visit to Israel as prime minister since he took office in 2014. &#39;A real friendship&#39; Earlier on Wednesday, a red carpet was rolled out at Israel&#39;s Ben Gurion airport and Modi was greeted with a hug by Netanyahu as he disembarked the plane. &quot;The two leaders share a special and a personal relationship,&quot; Shosh Bedrosian, spokeswoman for Netanyahu&#39;s office, said in a video posted on X. &quot;The bond between Israel and India is a powerful alliance as we are partners in innovation, security and a shared strategic vision,&quot; she added. Netanyahu&#39;s office said the two right-wing leaders held a private meeting after the welcoming ceremony, with the Israeli premier hailing &quot;a real friendship.&quot; In a post on X, Modi described the meeting as &quot;excellent.&quot; &quot;We discussed a wide range of topics aimed at deepening and strengthening the bilateral relations between our two countries,&quot; he said. The pair &quot;held an in-depth conversation about major developments in the region,&quot; he added. Modi is also scheduled to meet Israeli President Isaac Herzog during the visit. New Delhi has steadily expanded cooperation with Israel across the defense, agriculture, technology, and cybersecurity sectors, while balancing diplomatic interests in the Middle East. Full diplomatic relations between the two countries were established in 1992. Ties deepened after Hindu-nationalist leader Modi took office in 2014. Criticism at home Modi first visited Israel as prime minister in 2017, before Netanyahu made a reciprocal visit to India the following year. In 2023, grand plans were unveiled in New Delhi for an India&ndash;Middle East&ndash;Europe Economic Corridor to link railways, ports, electricity, data networks, and pipelines, including through Saudi Arabia and Israel. Those plans were stalled by Israel&rsquo;s devastating war in the Gaza Strip. Months after his 2017 visit to Israel, Modi travelled to Ramallah, the seat of the Palestinian Authority. His current visit has sparked criticism at home. Senior Congress party figure Priyanka Gandhi &mdash; sister of opposition leader Rahul &mdash; posted on social media on Wednesday that she hoped Modi would mention the killing of &quot;thousands of innocent men, women and children in Gaza&quot; during his address to the Israeli parliament. India, the world&#39;s most populous nation with 1.4 billion people, is majority Hindu, but an estimated 220 million Indians are Muslim. One of India&#39;s largest conglomerates, Adani Group, operates the Israeli port of Haifa, while Israeli military drone technology was used during India&#39;s May 2025 attack on Pakistan.

Senior Congress party figure Priyanka Gandhi says she hoped Modi would mention the killing of "thousands of innocent men, women and children in Gaza" during his address to the Israeli parliament; the Indian prime minister is also scheduled to meet Israeli President Herzog during visit.





Modi says India stands 'firmly' with Israel post Gaza bombardment 

WASHINGTON: Bill Gates has admitted making a &quot;huge mistake&quot; in associating with Jeffrey Epstein, telling staff at his charity foundation that he had affairs with two Russian women but denying involvement in the disgraced financier&#39;s crimes. The Microsoft co-founder is among the prominent names appearing in documents released by the US Justice Department that revealed close friendships, illicit financial dealings and private photos with convicted sex offender Epstein. In a town hall on Tuesday with staff at the Gates Foundation, a recording of which was reviewed by The Wall Street Journal, Gates expressed regret that his relationship with Epstein had affected the work of his philanthropic organization. &quot;It was a huge mistake to spend time with Epstein,&quot; and to also bring Gates Foundation executives into meetings with Epstein, he said. &quot;I apologize to other people who are drawn into this because of the mistake that I made.&quot; In a draft email among the documents released by the Justice Department, Epstein alleged Gates engaged in extramarital affairs, writing that his relationship with Gates ranged from &quot;helping Bill to get drugs, in order to deal with consequences of sex with Russian girls, to facilitating his illicit trysts, with married women.&quot; &#39;I saw nothing illicit&#39; Gates, 70, admitted at the town hall to two affairs. &quot;I did have affairs, one with a Russian bridge player who met me at bridge events, and one with a Russian nuclear physicist who I met through business activities,&quot; he said. But he denied any involvement with victims of Epstein, who died in a New York jail cell in 2019 while awaiting trial for sex trafficking underage girls. &quot;I did nothing illicit. I saw nothing illicit,&quot; Gates told the town hall. The tech titan said his relationship with Epstein began in 2011, three years after the financier pleaded guilty to soliciting a minor for prostitution. Gates said he knew of an &quot;18-month thing&quot; restricting Epstein&#39;s travel but didn&#39;t check his background. He said his then-wife Melinda expressed concerns about Epstein in 2013, but that he continued the relationship for at least another year. &quot;Knowing what I know now makes it, you know, a hundred times worse in terms of not only his crimes in the past, but now it&#39;s clear there was ongoing bad behavior,&quot; Gates told staff. The Gates Foundation said Gates addressed the Epstein case and other issues at its scheduled twice-yearly town hall event. &quot;Bill spoke candidly, addressing several questions in detail, and took responsibility for his actions,&quot; it said in a statement to AFP.

In a draft email among the documents released by the Justice Department, Epstein alleges Gates engaged in extramarital affairs, writing that his relationship with Gates ranged from "helping Bill to get drugs […] to facilitating his illicit trysts, with married women."

Bill Gates admits affairs but denies involvement in Epstein crimes

NEW YORK:&nbsp;A record 129 journalists and media workers were killed worldwide in 2025, the Committee to Protect Journalists said Wednesday, blaming Israel for two-thirds of the deaths. It was the second consecutive annual record for press deaths and the deadliest year since the CPJ began collecting data more than three decades ago. &quot;Journalists are being killed in record numbers at a time when access to information is more important than ever,&quot; CEO Jodie Ginsberg said in a statement. &quot;We are all at risk when journalists are killed for reporting the news.&quot; Over three-quarters of all the fatalities in 2025 were in conflict settings, the CPJ said in its report. More than 60 percent of the 86 members of the press killed by Israeli fire in 2025 were Palestinians reporting from Gaza, it added. The Israeli military maintains that it never deliberately targets journalists, and said the CPJ report was &quot;based on general allegations, data of unknown origin, and predetermined conclusions.&quot; &quot;Throughout the war there have been numerous cases in which terrorists operated under a civilian guise, including posing as journalists to advance terror activities,&quot; an Israeli military spokesperson told AFP. &quot;In these cases, any action taken by the IDF (military) against them was due to their involvement in terror activity and for no other reason.&quot; &quot;Any claim of intentional harm to civilians, including family members of journalists due to their professional activity, is completely false,&quot; the spokesperson said. The CPJ said the number of journalists killed in Ukraine and Sudan also increased in 2025 compared to a year earlier. The CPJ highlighted a rise in drones being used, with 39 cases documented, including 28 killings by Israel in Gaza and five by the paramilitary Rapid Support Forces in Sudan. In Ukraine, four journalists were killed by Russian military drones, the highest annual number of journalist deaths in the war since 15 were killed in 2022. Journalists are increasingly vulnerable due to a persistent culture of impunity, the CPJ said, noting a lack of transparent investigations into killings. In Mexico, six journalists were killed in 2025 and all the cases remain unsolved. The Philippines saw three journalists shot dead. Others were killed following their reporting on corruption, such as a Bangladeshi reporter hacked to death by suspects linked to a fraud ring, according to the CPJ report. Similar organized crime-related deaths were recorded in India and Peru. In Saudi Arabia, prominent columnist Turki al-Jasser was executed by the state after being convicted on several charges that the CPJ likened to &quot;spurious national security and financial crime allegations&quot; used to punish reporters. It was the Gulf state&#39;s first documented killing of a journalist since the 2018 death of Jamal Khashoggi.

Over three-quarters of all the fatalities in 2025 were in conflict settings, the CPJ said

Articles by Faraz Saeed