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Riyadh eyes significant investment in Pakistan, Saudi FM says
Saudi Arabia’s foreign minister said on Tuesday that Riyadh will be “moving ahead significantly” to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment, Reuters reported.
Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation.
His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects.
Dar outlined areas of interest for Saudi investors such as agriculture, mining, information technology and aviation.
The prince said he was very impressed with the briefings on the investment opportunities, read the report.
“This gave us some very, very significant confidence that we will be able to move forward on those projects which we decide to identify as a worthy of investment,” he said, adding, “I am sure we will be moving ahead significantly.”
The delegation came to follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Makkah Al Mukarramah to enhance economic cooperation between the two countries.
Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.
The Special Investment Facilitation Council (SIFC), a body consisting of Pakistani civilian and military leaders set up to promote investment in Pakistan, briefed the delegates to showcase various sectors for investment, Dar said.
The visit came ahead of Pakistan seeking a 24th bailout from the International Monetary Fund. Pakistan Finance Minister Muhammad Aurangzeb is in Washington to attend the IMF, World Bank spring meetings where he will open formal talks for the new loan programme, Reuters reported.
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Iran’s Pezeshkian says without missiles his country would be ‘just like Gaza’
The Iranian president stressed that Tehran’s defensive capabilities are not open to negotiation.
Regional
US and Iran conclude high-level talks in Switzerland, mediators say
The parties agreed to a mechanism to end the fighting in Lebanon and opened a communications line to help ensure safe passages for commercial ships through the contested strait, the statement said.
The first round of talks between high-ranking U.S. and Iranian officials in Switzerland ended Monday, mediators said, after a tense opening marked by Tehran’s announcement it had again closed the Strait of Hormuz and U.S. President Donald Trump repeating his threats to resume attacks on Iran.
A joint statement from mediating nations Qatar and Pakistan said the U.S. and Iran agreed to a roadmap toward a final deal within 60 days. Technical talks will continue for the rest of the week in the Qatari-owned Swiss mountain resort of Buergenstock, according to the statement, which was released by the Qatari foreign ministry, Reuters reported.
The parties agreed to a mechanism to end the fighting in Lebanon and opened a communications line to help ensure safe passages for commercial ships through the contested strait, the statement said.
U.S. Vice President JD Vance had opened talks with Iranian officials on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days. The discussions continued until the early hours of Monday.
In a post on social media, Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development plan for Iran.
The White House had no immediate comment when asked if talks had wrapped for now.
Just before talks officially began on Sunday, Fox News reported that Trump said he told Iranian officials “you won’t have a country” if they tried to close the strait again. Trump also reiterated an earlier threat that the U.S. would take over the waterway and possibly charge a toll of its own, Fox News said.
U.S. and Iranian sources provided separate accounts of the discussions in Switzerland.
Iran’s semi-official Tasnim news agency, citing an informed source, said that after Trump’s threats became public, the Iranian delegation refused to return to the room where talks were held, though messages were still being traded via Pakistani and Qatari mediators.
According to Tasnim’s source, Iranians said that the start of negotiations on nuclear matters required the delivery of other parts of the MOU, including the release of frozen assets and U.S. waivers authorizing Iranian oil exports.
“The Iranians never left and are still here meeting and negotiating deep into the night,” a U.S. diplomat involved in the talks told Reuters. “We’ve talked about the Strait, Lebanon, nuclear issues, and details of implementing the MOU, among other topics.”
High-level discussions are expected to wrap up on Monday, with technical staff remaining to conduct further talks, according to a U.S. official.
The agreement called for reopening the Strait of Hormuz, a choke point for global energy shipments, and ending all hostilities, including in Lebanon, where Israel has continued to launch deadly strikes as Iranian ally Hezbollah fires at Israeli targets.
Iran, arguing that the U.S. had failed to meet its commitment to halt fighting in Lebanon, said on the weekend that it had again stopped maritime traffic through the strait and that Sunday’s talks would not cover substantive issues such as Iran’s nuclear programme.
At the talks in Switzerland, where U.S. and Iranian officials met in the presence of Qatari mediators, Vance played down the impact of violence in Lebanon, saying progress had been made towards ending hostilities there.
“These things are always a little bit messy,” he said.
Back in the United States, Trump threatened to resume attacks on Iran if it did not rein in its allies.
“Iran must immediately stop their highly paid PROXIES in Lebanon from causing trouble,” Trump wrote on social media, apparently referring to Hezbollah. “If they don’t, we’ll hit Iran very hard again, just like we did last week, only harder!!!”
Even as Trump was threatening Iran, Vance told reporters the U.S. president had “asked us to turn over a new leaf to transform our relationship with the people of Iran.”
A U.S. diplomat late Sunday said discussions included “clarifying some of the confusing messaging from Iran on the Strait and building deconfliction mechanisms to ensure the Strait will remain fully open.”
IRAN CITES LEBANON AS REASON TO CLOSE STRAIT
Despite the announcement of a new ceasefire in Lebanon on Friday, there has been scant sign of an end to fighting there. Iran said on Saturday that as a result, it had again shut the strait, whose closure for nearly four months caused the biggest disruption of global energy supplies in history.
U.S. officials disputed that the strait was closed, but commercially available shipping data showed an immediate impact.
Five vessels passed the strait on Sunday, a sharp drop from the 26 ships spotted a day earlier, data from analytics firm Kpler showed. The data may exclude vessels that switch off their transponders while travelling in the Gulf.
Iran’s Fars news agency cited a military source as saying on Sunday that no new permits were being issued for ships to cross until further notice.
Trump said he agreed to last week’s memorandum of understanding to avert a global economic depression from high oil prices caused by the strait’s closure. Oil prices had tumbled over the past week to levels unseen since the war started on February 28 with U.S.-Israeli attacks on Iran.
Brent crude futures rose more than $1 to $81.66 a barrel in early Monday trading, following the rocky start to the peace talks.
Sunday appeared to be the quietest day in Lebanon for some time, with no reports of major violence by nightfall, after two days of heavy Israeli strikes and fire from Hezbollah fighters on Israeli positions.
More than 1 million people have fled their homes in Lebanon since Israel invaded in March to pursue Hezbollah fighters who fired across the border in support of Tehran.
Reuters journalists in southern Lebanon on Sunday saw some of the heaviest traffic since the memorandum was signed, with residents returning to their homes. Some stood beside cars backed up on the highway and waved Hezbollah flags.
Regional
Pakistani Kashmir faces shutdown as protests leave more than 20 dead
Regional police chief Liaqat Ali Malik said four officers had been killed and 97 wounded in clashes with protesters, while 515 people had been detained.
A territory-wide shutdown in Pakistan-administered Kashmir has brought daily life to a standstill after the region’s deadliest unrest in years left at least 24 people dead in nearly two weeks of protests, Reuters reported.
The confrontation between local authorities and supporters of the recently banned Joint Awami Action Committee, or JAAC, poses a sensitive challenge for Islamabad, which frequently criticises Delhi’s handling of dissent in Indian-administered Kashmir but is now facing anger in the territory under its own control.
The unrest began ahead of a June 9 strike called by the JAAC in protest against the reservation of 12 seats for refugees in the July 27 elections to the region’s 45-seat legislative assembly. The refugees live in Pakistan after being displaced from Indian-administered Kashmir.
Protests had already grown in the days before the shutdown, with government officials, speaking on condition of anonymity, saying at least 20 civilians were killed between June 6 and June 14 and dozens more wounded.
Regional police chief Liaqat Ali Malik said four officers had been killed and 97 wounded in clashes with protesters, while 515 people had been detained.
Thousands of JAAC supporters are now camped out on the outskirts of Rawalakot, about 100 km (62 miles) south of Muzaffarabad, the regional capital.
The government has responded by shutting main roads, blocking the internet and restricting media access to much of Kashmir.
In Muzaffarabad’s Upper Adda commercial district, menial labourers sit idle beneath a red-brick monument, waiting for work that has not come.
“Since June 9, I have not earned a single rupee,” said day labourer Ikhlaq Ahmed, 27, from a remote village.
The usually busy Upper Adda, once filled with grocers by day and food stalls by night, is mostly silent.
Medical stores and some grocers have begun opening for limited hours, and fruit and vegetable sellers have cautiously returned, but other businesses remain closed, read the report.
Bank notices blame the government’s suspension of internet and satellite services for the closure of ATMs and banking operations, while petrol stations are also shut due to an official order.
For workers like motorcycle taxi driver Asif Naz, the crisis is unbearable.
“Those with resources may sustain it,” he said, “but for blue-collar workers like us, it is self-slaughter.”
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