Pakistan engages Egypt, Turkiye, China after rejecting India’s accusations over Kashmir attack

KARACHI: Pakistan’s foreign exchange reserves have more than tripled since early 2023, driven by a surplus in the external current account rather than fresh borrowing, the top central bank official said, according to a statement on Saturday, as the country targets $14 billion in reserves by June.

Pakistan’s forex reserves had touched critically low levels two years ago, giving it an import cover of less than a month. Faced with the threat of a sovereign debt default, the country secured a $3 billion short-term International Monetary Fund (IMF) bailout, tightened fiscal and monetary policies, restricted imports and allowed greater exchange rate flexibility.

Governor of the State Bank of Pakistan, Jameel Ahmad, told senior executives from global financial and investment institutions on the sidelines of the IMF-World Bank Spring Meetings in Washington the country’s external buffers had seen a “substantial qualitative as well as quantitative improvement” since then, as he briefed them about the current economic situation.

“Unlike previous episodes of reserve build-up, the ongoing rise in external buffers is not due to any further accumulation of external debt,” he said. “In fact, Pakistan’s public sector external debt, both in absolute terms and as a percent of GDP, has declined since June 2022.”

Ahmad added that the central bank had been able to strengthen reserves through foreign exchange purchases in the open market, supported by a current account surplus.

“The SBP is targeting to increase [forex] reserves to $14 billion by June 2025,” he said.

Ahmad said Pakistan had made tangible progress in stabilizing its economy, crediting a prudent monetary policy and sustained fiscal consolidation efforts for the improvement.

He informed that headline inflation had declined sharply over the past two years, reaching a multi-decade low of 0.7 percent in March 2025, while core inflation had also dropped from above 22 percent to a single digit and was expected to moderate further in the coming months.

KARACHI: Pakistani filmmaker Nabeel Qureshi has urged the government to ask Pakistani actors to seek a no-objection certificate (NoC) prior to signing any Indian projects, following the imposition of a ban by the Indian cinema federation on Pakistani actor Fawad Khan’s Bollywood movie ‘Abir Gulaal.’
The romantic comedy marks Khan’s highly anticipated return to the Indian film industry after almost nine years. The movie starring Khan, who is widely famous in India, alongside Indian actor Vaani Kapoor is scheduled to release on May 9.
However, Indian media reported on Friday that the movie will not be released in India after the Federation of Western India Cine Employees (FWICE) asked authorities to ban it, following a militant attack in India-administered Kashmir that killed 26 tourists on April 22.
New Delhi has blamed the attack on Pakistan, an allegation denied by Islamabad. Both India and Pakistan have since unleashed a raft of measures against each other as tensions remain heightened between the two nuclear-armed neighbors.
“It’s a matter of the country’s dignity,” Qureshi told Arab News. “In future, the way India is imposing a blanket ban on Pakistan, our government should also ask actors to seek NoC before signing up for any project there.”
India has a huge film industry and many Pakistani artists want to work there, according to Qureshi. But they should not compromise on their self-respect.
“Our actors should have some integrity not just as artists but also as Pakistanis. [It’s] a country that doesn’t welcome you at all, irrespective of the recent Pahalgam terror attack,” he said.
“There were speculations around the film’s release already, now it’s impossible for the film to release in India.”
India barred Pakistani artists from working in the country after a militant attack in Uri town in Indian-administered Kashmir, which killed 19 Indian soldiers in 2016. Prior to that, Khan starred in Bollywood films ‘Khoobsurat,’ ‘Kapoor & Sons’ and ‘Ae Dil Hai Mushkil.’
The promotion of his movie Abir Gulaal began in Dubai, with the music launch. But two songs from the film, ‘Khudaya Ishq’ and ‘Angreji Rangrasiya,’ have been removed from YouTube India following the Pahalgam attack.
“It was not like this was unexpected. If it had not been the recent tragedy in Pahalgam, it would have been any other reason, big, small, legit or otherwise,” Kamran Jawaid, a Pakistani film critic and journalist, told Arab News.
“Cinema-goers [in Pakistan] will give the film a warm welcome. However, given FWICE’s hard anti-Pakistan stance, the decision to release the film here would only land them in hotter waters in India. Nobody wants to do that.”
Nadeem Mandviwalla, a leading film importer and distributor in Pakistan who also owns a cinema in Karachi, said India’s ban on the movie’s release is “understandable” under the current circumstances.
“Allegedly, Pakistan has also refused to grant permission to the movie,” he said. “Actors will always play a part in projecting peace and love. Given a chance, it’s commendable for both parties to make this attempt.”
Jawaid, on the other hand, said Pakistani actors should have an “active role” in building up the quality of Pakistani productions, given the wafer-thin, prickly relationship between Pakistan and India.
“They should not run after Bollywood collaborations because the audience-base is bigger or that the pay is better,” he said. “The ‘arts transcend borders’ and ‘arts can make a difference’ mantra can only be beneficial if there is unilateral reciprocation in both industries.”