Latest news with #ECAP
Arab News
09-05-2025
- Business
- Arab News
Pakistan's currency exchange union offers $1 billion to government in case of war
KARACHI: The Exchange Companies Association of Pakistan (ECAP) has offered $1 billion per month to the government in case of war or an emergency, the organization said on Thursday, as fears have grown that the worst confrontation in two decades of conflict between India and Pakistan could escalate. India on Wednesday struck what it said was 'terrorist infrastructure' in Pakistan and Azad Kashmir and Pakistan said it retaliated by shooting down five Indian aircraft. The Indian strikes killed 31 people and injured 57, Pakistan's army said. On Thursday, Pakistan's military said it shot down 29 drones from India at multiple locations, including the two largest cities of Karachi and Lahore and the garrison city of Rawalpindi, home to the army's headquarters. The Indian defense ministry said Pakistan attempted to engage a number of military targets in northern and western India from Wednesday night into Thursday morning and they were 'neutralized' by Indian air defense systems. In response, Indian forces targeted air defense radars and systems at a number of locations in Pakistan on Thursday, the ministry said. 'We are capable of providing the government with $1 billion (Rs280 billion) dollars per month in case of war or emergency,' ECAP Chairman Malik Muhammad Bostan said. 'There is no panic in the currency markets.' Exchange companies provide $25 million (Rs7 billion) daily to the interbank market, the statement said, adding that they had managed to sell $10 million (Rs2.8 billion) in the interbank market despite fresh tensions between Pakistan and India. The statement quoted Bostan as saying the inflow of dollars would increase after flight operations returned to normal. The ECAP offer came amid a record-breaking 6,482-point plunge at the Pakistan Stock Exchange (PSX), marking the largest single-day decline in the index's history as investors feared escalation in the standoff between India and Pakistan. The relationship between India and Pakistan has been fraught with tension since they gained independence from colonial Britain in 1947. The countries have fought three wars, two of them over Kashmir, and clashed many times. The countries, which both claim Kashmir in full and rule over parts of it separately, acquired nuclear weapons in the 1990s.
Business Recorder
07-05-2025
- Politics
- Business Recorder
Erdogan conveys Turkey's solidarity to Pakistan PM amid crisis with India
ANKARA: Turkish President Tayyip Erdogan spoke by phone on Wednesday with Pakistan's Prime Minister Shehbaz Sharif to convey his solidarity after India hit Pakistan and Pakistani Kashmir with missiles, the Turkish presidency said. Pakistan, which has strong ties with Turkey, said it had shot down five Indian aircraft and vowed to retaliate further, in the worst clash between the nuclear-armed neighbours in more than two decades. During the call, Erdogan told Sharif that Turkey supported what he called Pakistan's 'calm and restrained policies' in the crisis, his office said in a statement. Indo-Pak tensions: overseas Pakistanis can mobilise $1bn monthly in emergencies, ECAP Erdogan also said he found 'appropriate' Islamabad's call for an investigation into an attack that triggered the crisis. The killed 26 people in Indian Kashmir in the attack on April 22. Pakistan denies Indian accusations that it was linked to the attack. 'Erdogan stated that Turkey was ready to do what it can to prevent the tensions from escalating, and that his diplomatic contacts in that regard would continue,' it said. Turkey has previously condemned India's attack and called on both sides to act with common sense. Turkey's Foreign Ministry said the latest military action by India created the risk of an 'all-out war'. Ankara also maintains cordial ties with India.
Business Recorder
07-05-2025
- Business
- Business Recorder
Indo-Pak tensions: overseas Pakistanis can mobilise $1bn monthly in emergencies, ECAP
Overseas Pakistanis have the capacity to provide up to $1 billion a month in emergency financing to Pakistan through exchange companies, offering a critical financial cushion in times of national crisis, said Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP). Speaking at the Karachi Press Club on Wednesday, Bostan said the association has a swap system in place that allows the Pakistani diaspora to lend funds for a period of two years, with full repayment guaranteed by the government. 'We have a backup system ready to mobilize $1 billion a month, or $12 billion annually, from overseas Pakistanis if needed,' he told reporters. His statement comes at a time when nuclear-armed neighbours Pakistan and India are engaged in escalating skirmishes, with recent Indian attacks reportedly killing 26 and injuring 45 civilians across multiple locations. The chance of further escalation remains high, heightening concerns over regional stability and the country's economic resilience. Bostan recalled that a similar mechanism had helped Pakistan weather a severe financial crunch in 1994 when foreign exchange reserves had dropped to just $400 million. 'At that time, the exchange companies arranged $10 billion through the same swap system,' he said. He noted that he had offered to activate this financing channel again in early 2023, when Pakistan's reserves had dwindled to below $3 billion—barely enough to cover a month's imports. However, the then-government instead opted for a $3 billion short-term loan from the International Monetary Fund (IMF) in June 2023, followed by a long-term $7 billion facility signed in mid-2024. According to Bostan, around 15 million Pakistanis live abroad and collectively earn about $8 billion a month. 'They already send around $4 billion monthly as workers' remittances. The remaining $4 billion is retained overseas, which shows they have the potential to contribute even more if necessary,' he explained. In March 2025, workers' remittances hit a record high of $4.1 billion, bringing the total to $28 billion in the first nine months of FY24-25. Bostan said this figure could rise further if the government offers attractive investment options and instills greater confidence among expatriates. Despite recent tensions with India and a brief suspension of international flights, the rupee remained stable at around Rs281 against the US dollar in the interbank market, Bostan added. He said that currency dealers sold $10 million in the interbank market on Wednesday morning due to low demand for foreign currencies in the open market. He expected dollar inflows to pick up with the resumption of flights, as overseas Pakistanis returning home typically bring in foreign exchange. 'Exchange companies surrender $20–25 million daily to the interbank market, totaling around $425–450 million a month,' he noted. Bostan emphasized that overseas Pakistanis are not just a source of remittances but a financial lifeline in difficult times, urging the government to strengthen ties with the diaspora to ensure their potential can be fully leveraged during national emergencies. Tensions between Pakistan and India escalated sharply following a deadly April 22 attack in Pahalgam, Occupied Kashmir, which killed 26 people, most of them tourists. India blamed the assault on cross-border elements without offering evidence, a claim Pakistan strongly rejected, calling instead for an independent investigation. In the days since, both countries moved into a state of heightened alert. Pakistan reinforced its military presence along the border, anticipating a possible incursion. Meanwhile, the Indian leadership granted its armed forces 'operational freedom,' further inflaming fears of escalation. Despite backchannel diplomatic efforts to contain the fallout, tensions remained high.
Yahoo
19-04-2025
- Health
- Yahoo
New autism life skills room at FSU Panama City mimics real-world apartment living
Florida State University Panama City's Early Childhood Autism Program (ECAP) clinic celebrated the grand opening of its new autism life skills room with a ribbon cutting ceremony on April 17. The space, designed to resemble a modern apartment, offers students a real-world environment to practice essential daily tasks such as cooking meals, using a dishwasher, using a washing machine and dryer, folding clothes and making a bed. 'This new furnished, mock apartment will allow us to teach a variety of living and learning, home-based skills,' Amy Pollick, associate dean of academic affairs and the development director for ECAP, said in a press release. 'Having this space will allow us to enhance the reach of our program to meet the needs of older children, teens and young adults.' The project was made possible by a $100,000 donation from the Edward F. Hickey Jr. Memorial Trust, the press release stated. Hickey, a pioneer in the Panama City Beach business community beginning in the mid-20th century, died at age 94 in 2021. The same trust has provided 'second chance' scholarships to FSU PC students from Panama City Beach and renovated the Fun Room at ECAP, in addition to supporting other local non-profits, including Backpack Blessings and the Bay County Public Library. This article originally appeared on The News Herald: Families and staff applaud FSU PC's latest step toward independence for all students
Yahoo
19-03-2025
- Business
- Yahoo
Farmers getting help for three years of losses
Waco, Texas (FOX 44) – Russell Boening, President of Texas Farm Bureau headquartered in Waco, commended action taken to help farmers entering a third year of losses. Agriculture Secretary Brooke Rollins announced that the US Department of Agriculture will be issuing up to $10 billion directly to agricultural producers through the Emergency Commodity Assistance Program for the 2024 crop year. Boening noted, 'Texas farmers have suffered unprecedented losses over the past three years due to a grim economic environment beyond their control. Input prices and inflation have been at an all-time high, while commodity prices have plummeted, making it extremely difficult to continue operating. This is on top of extreme weather conditions and lack of a new farm bill that includes a safety net to meet current needs as producers continue doing what they do best feeding and clothing the world. These challenges have also made it difficult for lending institutions to provide farmers financing to continue operating. Thankfully, many Congressional leaders acted swiftly to secure $10 billion in critically needed economic assistance in the 2024 end-of-year Continuing Resolution to provide some assurance for farmers into 2025. We thank the Congressional leaders who stood up for our nation's farmers and provided this assistance. Today, we thank U.S. Secretary of Agriculture Brooke Rollins for prioritizing the delivery of this assistance.' House Committee on Agriculture Chairman Glenn 'GT' Thompson said, ''Grappling with rising input costs, declining commodity prices, record debt levels, and a lingering agricultural trade deficit, America's farmers and ranchers are teetering on the edge of a financial cliff.' He also noted that there is more to be done. 'While this relief is a crucial financial bridge for many, it is no substitute for the enactment of a strong, five-year farm bill that delivers risk management tools our farmers can rely upon for the long run,' Thompson said. Texas Farm Bureau President Boening echoed Congressman Thompson's sentiments, saying, 'While this economic support is severely needed, it is only a short-term solution for a much bigger problem in farm country. Texas farmers and ranchers deserve long-term certainty with a new farm bill that includes a stronger safety net. A delay of over two years on enactment of this critical legislation is a slap in the face for families who work hard daily to feed and clothe the nation. Texas Farm Bureau calls on Congress to act now. If a new farm bill is not passed within the next couple of months, more economic assistance will be necessary. Texas Farm Bureau looks forward to continuing our work with Congress and this Administration to deliver the long-term solutions American farmers, ranchers and consumers deserve.' Producers must submit ECAP applications to their local Farm Service Agency county office by August 15, 2025. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
