PKBC for long-term dialogue between Pakistan, India
General Secretary of the Council, Rafiq Suleman, has called for the immediate resumption of long-term dialogue between the two countries, emphasizing the urgent need to completely end Indo-Pak tensions.
The Council firmly stated its strong condemnation of all forms of violence and aggression, highlighting that in a sensitive region like South Asia, peace, political stability, and the protection of citizens' lives and property should be the top priority.
Rafiq Suleman stated that wars devastate economies and push nations backward—countries that had achieved significant progress can find themselves lost in history.
Supporting economic cooperation, international trade, and regional unity, the General Secretary said, "We want India and Pakistan to eliminate tensions through mutually respectful dialogue so that the South Asian region can move toward progress. Wars can only cause destruction—they cannot bring economic development."
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
34 minutes ago
- Business Recorder
Chinese CPEC IPPs press Pakistan govt for Rs475bn dues
ISLAMABAD: As the date of Prime Minister Shehbaz Sharif's visit to China draws closer, Chinese CPEC Independent Power Producers (IPPs) have mounted pressure on the government for clearance of their outstanding receivables, which currently stand at around Rs 475 billion, well-informed sources told Business Recorder. Chief Executive Officers (CEOs) of Chinese CPEC IPPs have been writing letters to government functionaries, with copies also shared with the Chinese Ambassador to Pakistan. The Ambassador, sources said, is actively engaging with senior Pakistani officials to finalize the Prime Minister's agenda for bilateral meetings with Chinese leadership. In a recent letter, Wang Dongfang, CEO of Port Qasim Electric Power Company (PQEPC), expressed deep concern over the growing delays in tariff payments by the Central Power Purchasing Agency-Guaranteed (CPPA-G). Debt re-profiling with Chinese IPPs: PD, FD likely to share implementation proposal According to Wang, under the Government of Pakistan's guidance, the 1,320 MW Port Qasim Coal-Fired Power Project—one of the flagship energy ventures under the China-Pakistan Economic Corridor (CPEC)—has consistently provided clean, reliable, and economical electricity to the national grid. 'While we highly appreciate the efforts of the Government of Pakistan and CPPA-G in arranging funds and making tariff payments to IPPs, the total outstanding amount due to PQEPC has reached Rs 81 billion ($286.94 million) as of July 31, 2025, with a delay period of over six months, which could further escalate,' the letter stated. The CEO cautioned that shareholders and sponsors of the project, including those from China and Qatar, have conveyed 'significant discontent' over the payment backlog and have requested urgent measures to reduce the outstanding amount. 'We would like to notify that the current dues entitle PQEPC to suspend plant operations under Section 9.10 of the PPA, without any liability for Liquidated Damages (LDs),' the CEO warned. PQEPC also highlighted that its Energy Purchase Price (EPP) tariff is comparatively more competitive than oil- and RLNG-based power plants. Suspension of operations, the CEO warned, would result in a 'lose-lose' outcome, which both sides must avoid through timely settlement of dues to ensure sustainable generation and prevent triggering defaults under Loan Agreements and the Government of Pakistan's Sovereign Guarantee. Concluding his letter, Wang urged the Finance Minister, Senator Muhammad Aurangzeb and Planning Minster, Ahsan Iqbal to take immediate notice of the 'critical situation' and coordinate with relevant authorities to arrange financial support for CPPA-G so that the outstanding dues could be cleared without further delay. When an official was contacted for comments on the correspondence of Chinese CPEC IPPs on payment of outstanding amounts, he responded that since the government does not have enough fiscal space, the payments will be made on the basis of availability of resources. However, energy payments are being made to them through Escrow Account. The government has earmarked Rs 5 billion per month to be paid to the Chinese CPEC IPPs. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business Recorder
India's stock benchmarks set to open higher on easing oil woes, GST reforms
India's equity benchmarks are set to open higher on Monday, buoyed by cooling Russian oil supply concerns after a meeting between the U.S. and Russian Presidents and New Delhi's proposed goods and services tax reforms. Gift Nifty futures were trading at 24,984 as of 8:46 a.m. IST, indicating that the Nifty 50 will open about 1.4% above Thursday's close of 24,631.3. Indian markets were closed on Friday for a holiday. Following his meeting with Russia's Vladimir Putin in Alaska on Friday, U.S. President Donald Trump appeared more aligned with Moscow on seeking a Ukraine peace deal instead of a ceasefire first. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday to hammer out details of possible security guarantees for Kyiv, though actual proposals are vague as yet. Oil prices slipped after the U.S. refrained from imposing new measures to curb Russian oil exports, following Trump-Putin's Friday meeting. Meanwhile, Trump said on Friday he did not need to consider retaliatory tariffs yet on countries buying Russian oil, such as China, but might 'in two or three weeks', easing fears of supply disruption. China, the world's biggest oil importer, is the largest buyer of Russian oil, followed by India. A fall in prices is positive for importers of the commodity, such as India. Separately, shares of car makers could rise after Reuters reported the government proposed lowering the GST on small cars to 18% from 28%. Alongside easing worries over Russian oil imports, the Indian government's announcement of sweeping tax reforms to boost the economy amid the trade conflict with the U.S. also boosted sentiment, analysts said. The S&P Global's ratings upgrade, reiterating India's macro stability, is also likely to aid risk sentiment. Foreign portfolio investors (FPI) offloaded Indian stocks worth 19.27 billion rupees ($220.2 million) on Thursday, while domestic institutional investors (DII) purchased stocks worth 38.96 billion rupees, taking their buying streak to 29 sessions.
Business Recorder
an hour ago
- Business Recorder
Indian rupee to receive a risk boost, but US-India trade discord overhang persists
MUMBAI: The Indian rupee is poised to open higher on Monday, supported by a likely rally in local equities after Prime Minister Narendra Modi's sweeping tax reforms to boost growth, though persistent U.S.–India trade tensions should cap the advance. The 1-month non-deliverable forward indicated the rupee will open in the 87.50-87.52 range versus the U.S. dollar, compared with 87.55 on Thursday. Indian financial markets were closed on Friday. Gift Nifty futures indicated that the Nifty 50 will open more than 1% higher after India announced sweeping tax reforms to lift the economy in the face of a trade conflict with Washington. The rupee will 'see a bit of lift from equity, however it's hard to see it doing much with the U.S.–India trade cloud hanging overhead,' said a Mumbai-based FX trader. 'The downside (on dollar/rupee) is capped, and any dip will likely be faded.' Trump-Putin meeting The outcome of the weekend's Trump–Putin meeting did not evoke much of a reaction from Asian equities and currencies. U.S. President Donald Trump has said a full-fledged peace deal for Ukraine remained the ultimate aim rather than a mere ceasefire. After talks with Russian President Vladimir Putin, Trump said he would delay new tariffs on countries like China that continue purchasing Russian oil. Absent from his remarks was any reference to India, which remains on track to face an additional 25% duty starting August 27. Adding to the pressure on the rupee, Washington has scrapped a planned August 25–29 visit by trade negotiators to New Delhi, shelving discussions on a potential trade deal and extinguishing hopes of relief from the fresh tariffs on Indian goods.
