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$2bn Saudi deposits: Pakistan to pay 4pc annual profit
Pakistan is to pay four percent annual profit to Saudi Arabia on deposits of $ 2 billion with the State Bank of Pakistan (SBP) for a period of one year, well informed sources told Business Recorder. Saudi Arabia, sources said, had agreed to deposit $ 2 billion to meet one of the preconditions of International Monetary Fund (IMF) in which Pakistan had been asked to arrange external funding reportedly up to $ 6 billion. United Arab Emirates (UAE) has also confirmed to the IMF that it would deposit $ 1 billion with the State Bank of Pakistan. On May 10, 2023, Finance Division, through an additional agenda item apprised the Federal Cabinet that the Kingdom of Saudi Arabia through its Ministry of Finance had agreed to deposit $ 2 billion with State Bank of Pakistan for a period of 1-year. The annual profit rate proposed was 4 percent. The sources said draft Deposit Agreement shared by the Saudi side was forwarded to Ministry of Law and Justice and Office of the Attorney General for Pakistan for vetting and clearance in light of the Cabinet decision of May 14, 2019. According to sources, on approval by the Federal Cabinet, the State Bank of Pakistan would be authorized by the Finance Division, Government of Pakistan to enter into the Deposit Agreement. The Ministry of Law and Justice had cleared the draft Agreement subject to fulfillment of all codal formalities whereas FBR had given concurrence for tax exemption. Finance Division sought Cabinet’s approval for the Deposit Agreement and the Authorization Letter in terms of Rule 16(1Xd) of the Rules of Business, L973 read with the observations of the Office of Attorney General for Pakistan. After brief discussion, the Cabinet gave its nod to the summary titled ‘Deposit Agreement between the Kingdom of Saudi Arabia (through the Ministry of Finance) and the Islamic Republic of Pakistan (through State Bank of Pakistan (SBP) of May 10, 2023,’ submitted by the Finance Division. The Cabinet authorized the Cabinet Division to issue the decision in the instant case without waiting for the formal approval of the minutes. Source: Business Recorder
18 May 2023,22:14

Arab League leaders meet in Algeria after 3-year gap
The 22-member Arab League summit is being hosted in Algeria this year. Even as the league continues to support the Palestinian cause, many members have normalized ties with Israel. Leaders of Arab countries met at the 31st Arab League summit in Algiers on Monday, for the first time in three years.  The 22-member league had hosted its last conference in 2019, before the pandemic. The meeting happened against the backdrop of rising inflation, food and energy shortages, drought and soaring cost of living across the Middle East and Africa.  Hosts Algeria avoid calling out Russia "The regional and international context [is] marked by rising tensions and crises, particularly in the Arab world, which in its modern history hasn't seen a period as difficult as the one it is currently undergoing," said Algerian President Abdelmadjid Tebboune. Tebboune did not mention Russia's invasion of Ukraine in his speech, but did say that "exceptional global conditions are creating polarization... which is impacting our food security."  Russia's war on Ukraine has affected many member states, since several Arab countries are heavily dependent on Ukrainian and Russian wheat exports. The Arab world has mostly retained a neutral stance in the war. The war in Ukraine "has exacerbated the food and energy security crisis, along with a number of other reasons... climate change and natural disasters," Tunisian President Kais Saied said in his opening address.  Palestinian cause still 'central and primary' Tebboune also said that "our central and primary cause remains the Palestinian cause." This follows tensions within the Arab League, which has a history of supporting Palestinian authorities, as several members have normalized ties with Israel in recent years.  Addressing an audience that included UN Secretary-General Antonio Guterres, Tebboune called for a UN General Assembly session to make Palestine a fully-fledged member state.  The two-day meeting coincided with elections in Israel that could return former Prime Minister Benjamin Netanyahu to office.  Monarchs missing, Syria still suspended Morocco's King Mohamed VI and Saudi Arabia's Crown Prince Mohamed bin Salman were among the notable absentees, and sent other dignitaries to attend instead. The Syrian government was also not represented in Algiers. Bashar Assad's Syria was suspended from the bloc in 2011, early in the civil war.  Algeria and other members had been lobbying for its reintegration, but came up against stiff opposition from Gulf states in particular. 
02 Nov 2022,16:45

India will continue supporting Arab League combating terrorism: Shringla at UNSC
Indian Foreign Secretary Harsh Vardhan Shringla said that India will continue supporting the League of Arab States in combating terrorism and promoting plurality. The statement comes in the backdrop of increasing terrorism in different Gulf countries. Syria is one of the countries where the terrorism incident has increased in the past few years. Shringla was speaking at the United Nations Security Council meeting on the Cooperation between the UN and regional organisations (League of Arab States) on Wednesday. While addressing the UNSC meeting, Shringla stated, "For, over millennia, the Arab world has been a cradle of human civilization. Given its strategic location, developments in the Arab world have influenced our shared history and they continue to have a profound impact globally. The challenges confronted by the region today and how we address them will have a critical bearing on international peace and security." Shringla stated the historical relation that India and the Arab region share. He said, "Trade between India and Arab region through the Indian Ocean had flourished for several centuries even before the advent of modern commerce. The Indian rupee was legal tender in parts of the Arab world not very long ago." He also said, "Today, countries from the Arab world are host to more than 9 million Indians and India's wide-ranging partnership with these countries encompasses every aspect of human endeavour- from agriculture, trade, commerce and education to clean energy, counter-terrorism and new technologies”. During speech, Shringla mentioned the Memorandum of Understanding (MOU) that India and the League of Arab States signed two decades ago for institutionalizing a regular dialogue process to forge a partnership for the future. He also said that this led to the creation of the India-League of Arab States Forum, during which progressive cooperation in several fields like energy, environmental protection, investment, food security, science and technology and human resource development was agreed upon. Shringla said that several initiatives were taken to deepen the engagement with the League of Arab States and these initiatives have also been conceptualized including the Energy Symposium, Media Symposium and the first edition of the Arab India Energy Forum which was successfully convened a few months ago. "The League of Arab States has contributed positively to security and stability in the region. Its Member States are significant troop and police contributors to UN peacekeeping forces. The Arab States are among the largest donors of humanitarian assistance to countries facing armed conflict in the region. The League has played an important role in the areas of mediation, conflict prevention and resolution in the region," Shringla said. He further stated, "Today's meeting provides us with a valuable opportunity to take a closer look at the cooperation between the United Nations and the League of Arab States. We underline that the League of Arab States can further contribute to our joint endeavour for peace, for the sake of the people of the region, in general, and women and minorities, in particular. We take note of the positive trajectory of the cooperation, including through the UN Liaison Office in Cairo and the practice of annual briefings by the Secretary-General to this Council." Shringla submitted four suggestions and said, "First, there must be greater policy synergy between the two organizations. Regular and frequent consultations with the League of the Arab States and its members on peace initiatives in the region would contribute towards achieving common solutions and meaningful outcomes. Second, efforts must be made to achieve comprehensive coordination at the field level, especially through regular coordination between UN's Special Envoys and Special Representatives and the League of Arab States." He further added, "Third, engagement with the League and its members in post-conflict peacebuilding through reconstruction and economic development is equally important; and Fourth, ensuring the stability of the countries concerned and the region, and the welfare of the people, especially women and minorities, should be at the forefront of all such efforts." Shringla stated that the cooperation between the UN and the League of Arab States is of critical importance when it comes to the Middle East peace process. He further stated that both the organisations need to take the concerted effort to support the reactivation of the Middle East peace process in line with the two-State solution, based on the internationally agreed framework and previous agreements between the parties. Shringla said that India welcomed the agreements for the normalisation of relations between countries in the region, which will contribute to greater peace and stability in the region. "Let me conclude by expressing India's steadfast support for a closer, meaningful and sustained cooperation between the United Nations and the League of Arab States for the benefit of the region. India will continue to partner with the Arab countries in their efforts to achieve regional peace, stability and prosperity and will continue to work with the League of Arab States in combating terrorism and in promoting tolerance and pluralism," Shringla said. Source: ANI
24 Mar 2022,23:06

France urges Arab nations to prevent boycotts over Macron’s cartoon defence
France has urged Middle Eastern countries to end calls for a boycott of its goods in protest at President Emmanuel Macron's defence of the right to show cartoons of the Prophet Muhammad, reports BBC. The French foreign ministry said the "baseless" calls for a boycott were being "pushed by a radical minority". French products have been removed from some shops in Kuwait, Jordan and Qatar. Meanwhile, protests have been seen in Libya, Syria and the Gaza Strip. The backlash stems from comments made by Mr Macron after the gruesome murder of a French teacher who showed cartoons of the Prophet Muhammad in class. The president said the teacher, Samuel Paty, "was killed because Islamists want our future", but France would "not give up our cartoons". Depictions of the Prophet Muhammad can cause serious offence to Muslims because Islamic tradition explicitly forbids images of Muhammad and Allah (God). On Sunday, Mr Macron doubled down on his defence of French values in a tweet that read: "We will not give in, ever." Political leaders in Turkey and Pakistan have rounded on Mr Macron, accusing him of not respecting "freedom of belief" and marginalising the millions of Muslims in France. On Sunday, Turkish President Recep Tayyip Erdogan suggested, for a second time, that Mr Macron should seek "mental checks" for his views on Islam. Similar comments prompted France to recall its ambassador to Turkey for consultations on Saturday. How widespread is the boycott on French products? Some supermarket shelves had been stripped of French products in Jordan, Qatar and Kuwait by Sunday. French-made hair and beauty items, for example, were not on display. In Kuwait, a major retail union has ordered a boycott of French goods. The non-governmental Union of Consumer Co-operative Societies said it had issued the directive in response to "repeated insults" against the Prophet Muhammad. In a statement, the French foreign ministry acknowledged the moves, writing: "These calls for boycott are baseless and should stop immediately, as well as all attacks against our country, which are being pushed by a radical minority." Online, calls for similar boycotts in other Arab countries, such as Saudi Arabia, have been circulating. A hashtag calling for the boycott of French supermarket chain Carrefour was the second-most trending topic in Saudi Arabia, the Arab world's largest economy. Meanwhile, small anti-French protests were held in Libya, Gaza and northern Syria, where Turkish-backed militias exert control. Why is France embroiled in this row? Mr Macron's robust defence of French secularism and criticism of radical Islam in the wake of Mr Paty's killing has angered some in the Muslim world. Turkey's Mr Erdogan asked in a speech: "What's the problem of the individual called Macron with Islam and with the Muslims?" Meanwhile Pakistani leader Imran Khan accused the French leader of "attacking Islam, clearly without having any understanding of it". "President Macron has attacked and hurt the sentiments of millions of Muslims in Europe & across the world," he tweeted. Earlier this month, before the teacher's killing, Mr Macron had already announced plans for tougher laws to tackle what he called "Islamist separatism" in France. He said a minority of France's estimated six million Muslims were in danger of forming a "counter-society", describing Islam as a religion "in crisis". Cartoons caricaturing the Islamic prophet have a dark and intensely political legacy in France. In 2015, 12 people were killed in an attack on the offices of French satirical magazine Charlie Hebdo, which had published the cartoons. Some in Western Europe's largest Muslim community have accused Mr Macron of trying to repress their religion and say his campaign risks legitimising Islamophobia. Source: UNB AH
26 Oct 2020,22:37

Trump presides as Israel, two Arab states sign historic pacts
Declaring "the dawn of a new Middle East," President Donald Trump on Tuesday signed historic diplomatic pacts with Israel and two Gulf Arab nations that he hopes will lead to a new order in the Mideast and cast him as a peacemaker at the height of his reelection campaign. Hundreds of people massed on the sun-washed South Lawn to witness the signing of agreements between Israel and the United Arab Emirates and Bahrain. The bilateral agreements formalize the normalization of the Jewish state's already thawing relations with the two Arab nations in line with their common opposition to Iran and its aggression in the region. "We're here this afternoon to change the course of history," Trump said from a balcony overlooking the South Lawn. "After decades of division and conflict, we mark the dawn of a new Middle East." The agreements do not address the decades-long Israeli-Palestinian conflict. While the UAE, Bahrain and other Arab countries support the Palestinians, the Trump administration has persuaded the two countries not to let that conflict keep them from having normal relations with Israel. Trump's political backers are looking for the agreements to boost his standing as a statesman with just seven weeks to go before Election Day. Until now, foreign policy has not had a major role in a campaign dominated by the coronavirus, racial issues and the economy. The pandemic was in the backdrop of the White House ceremony, where there was no social distancing and most guests didn't wear masks. The agreements won't end active wars, but supporters believe they could pave the way for a broader Arab-Israeli rapprochement after decades of enmity and only two previous peace deals. Skeptics, including many longtime Mideast analysts and former officials, have expressed doubts about their impact and lamented that they ignore the Palestinians, who have rejected them as a stab in the back by fellow Arabs. During the ceremony, Emirati Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, the brother of Abu Dhabi's powerful crown prince, thanked Israel for "halting the annexation of Palestinian territories," although Israeli Prime Minister Benjamin Netanyahu has insisted that Israel has only temporarily suspended its plans to annex West Bank settlements. "Today, we are already witnessing a change in the heart of the Middle East — a change that will send hope around the world," al-Nahyan said. Even the harshest critics have allowed that the agreements could usher in a major shift in the region should other Arab nations, particularly Saudi Arabia, follow suit, with implications for Iran, Syria and Lebanon. Other Arab countries believed to be close to recognizing Israel include Oman, Sudan and Morocco. "We are very down the road with about five different countries," Trump told reporters before the ceremony. In addition to the bilateral agreements signed by Israel, the UAE and Bahrain, all three are signing a document dubbed the "Abraham Accords" after the patriarch of the world's three major monotheistic religions. "This day is a pivot of history," Netanyahu said. "It heralds a new dawn of peace." "Despite the many challenges and hardships that we all face — despite all that, let us pause a moment to appreciate this remarkable day." The Palestinians have not embraced the U.S. vision. Palestinian activists held small demonstrations Tuesday in the West Bank and in Gaza, where they trampled and set fire to pictures of Trump, Netanyahu and the leaders of the UAE and Bahrain. A poll released Tuesday found that 86% of Palestinians believe the normalization agreement with the UAE serves only Israel's interests and not their own. The poll, carried out by the Palestinian Center for Policy and Survey Research, was carried out Sept. 9-12 and surveyed 1,270 Palestinians in the occupied West Bank and Gaza. It has a margin of error of plus or minus 3 percentage points. Even in Israel, where the accords have received widespread acclaim, there is concern they might result in U.S. sales of sophisticated weaponry to the UAE and Bahrain, thus potentially upsetting Israel's qualitative military edge in the region. Trump said he is OK with selling military aircraft to the UAE. House Speaker Nancy Pelosi also welcomed the agreements but said she wants to learn details, specifically what the Trump administration has told the UAE about buying American-made F-35 aircraft and about Israel agreeing to freeze efforts to annex portions of the West Bank. Bahrani Foreign Minister Abdullatif al-Zayani said Bahrain would stand with the Palestinians. "Today is a truly historic occasion," he said. "A moment for hope and opportunity." And while the UAE and Bahrain have a history of suppressing dissent and critical public opinion, there have been indications that the agreements are not nearly as popular or well-received as in Israel. Neither country sent its head of state or government to sign the deals with Netanyahu. Bahrain's largest Shiite-dominated opposition group, Al-Wefaq, which the government ordered dissolved in 2016 amid a years long crackdown on dissent, said there is widespread rejection of normalization. Al-Wefaq said in a statement that it joins other Bahrainis who reject the agreement to normalize ties with the "Zionist entity," and criticized the government for crushing the public's ability to express opinions "to obscure the extent of discontent" at normalization. The ceremony follows months of intricate diplomacy headed by Jared Kushner, Trump's son-in-law and senior adviser, and the president's envoy for international negotiations, Avi Berkowitz. On Aug. 13, the Israel-UAE deal was announced. That was followed by the first direct commercial flight between the countries, and then the Sept. 11 announcement of the Bahrain-Israel agreement. Source: AP/UNB AH
16 Sep 2020,09:50

Egyptians taking part in Arab Spring say voting useless
Some participants in the 2011 democratic uprising say they will boycott this month's "predetermined" elections, reports BSS. "It's been a downwards slippery slope since the last presidential elections (in 2014): nothing is improving," said Sami, who took part in the January 2011 uprising which toppled longtime president Hosni Mubarak. Sisi, as defence minister, led the July 2013 ouster of former Islamist president Mohamed Morsi following mass protests against his divisive one-year rule.  Now, Sisi is seeking another term in the March 26-28 elections, running against Moussa Mostafa Moussa, a candidate who had previously expressed support for the incumbent. Other presidential hopefuls were arrested or withdrew. "It's a nominal participation. They couldn't have just one person running unopposed, so they brought someone just as a show so they can say there is competition," said Sarah. Like Sami and everyone else interviewed in this story, she asked to be identified by a pseudonym. "I won't put the effort and vote in an election that is already predetermined," she said. - 2011 hopes dashed - The situation is a far cry from Sarah's high hopes in 2011, when she joined protests "excited to have free and fair elections, and to vote in competitive elections where my voice would make a difference." Over 18 days, mostly young Egyptians overcame thousands of security forces, capturing Tahrir Square in downtown Cairo. There, they camped day and night until Mubarak, who had been in power for nearly 30 years, left office. The military then took charge of the country. Soon after, major Mubarak-era officials were arrested and courts began examining cases of police brutality. "It was an incredible moment of hope; the sky was the limit," said Sami. After the military's year in power, Morsi, who hailed from the Muslim Brotherhood group, became Egypt's first democratically elected civilian president in 2012. A year later, Egyptians concerned at the rise of political Islam within the government supported Morsi's ouster, with many hoping further democratic elections would follow. "But what happened next, with the nomination of another person from the military, it was very clear that we went back to the same loop," said Sami. When he joined the 2011 protests, he was hoping for "freedom and liberty".  But during the years of turmoil that followed, many gave up these demands in favour of economic stability and security. People "were upset, but opted for calmness," he said. "Now, the outcome is zero. Economically, everyone is pressured, no matter your income level, all your savings and income were slashed in half." With its foreign exchange reserves down since the uprising, Egypt floated the pound in 2016, causing the currency to lose more than half its value against the dollar. - 'Worse than before' - Meanwhile, "socially you're frustrated: you feel you're unable to move or speak easily, so much paranoia, too much security hysteria, to the point the country is back to being run by a single entity," said Sami. Critics say things have deteriorated since Mubarak's time. "There is no doubt that things are now much worse than before, because now they know that they cannot take us lightly," said Safeya. "That's why they are arresting, threatening, imprisoning, sentencing to death, because they are afraid we will rise up again."   Domestic and international rights groups accuse the authorities of human rights violations, including forced disappearances, arbitrary arrests and illegal detentions. Egypt denies the accusations and says abuses are rare cases and their perpetrators are tried. For Sami, the forthcoming election has little meaning.  "I won't even bother to think about it," he said. "I just want the day to pass calmly." Looking back at the 2011 uprising, Sarah said that "if I think rationally, I would say 'I wish it had not happened'." "But I won't be able to say I wish it had not happened, because it was best thing that happened in Egypt during my time," she added. She said she is now focusing on her work and trying to find a way to get out of Egypt. FU
20 Mar 2018,14:01
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