This paper examines the role of finance in development in the light of the experience of Township and Village Enterprises in the People's Republic of China.

Lack of access to good road networks is a major constraint on the incomes and welfare of the poor. Using household expenditure survey data for Lao PDR this paper models the causes of poverty and shows the impact on poverty levels of road improvements.

This paper analyses economic and social indicators across provinces in the People's Republic of China.

India’s federal power minister on Tuesday asked the states that are away from coal resources to consider setting up nuclear-based power plants, besides identifying and listing the power utilities to meet investments to support growing power demand.

The Indian government in its federal budget this year had proposed to partner with private players to develop small nuclear reactors to increase the amount of electricity from sources that do not produce carbon dioxide emissions.

States should consider setting up nuclear power plants at the sites where coal-based thermal power plants have completed their life, Manohar Lal, the country’s power minister, told states as per a government statement.

India’s stringent nuclear compensation laws have hampered talks with foreign power plant builders such as General Electric GE.N and Westinghouse.

The country, which currently has about 8 gigawatts of nuclear capacity, aims to increase it to 20 GW by 2032.

The minister also asked the states to identify and list their power utilities in the country’s stock exchange to meet increasing investment demand in the power sector as well as improve the transmission system to add more renewable capacity.

India has pledged to achieve a net zero carbon emission target by 2070 and has a target of 500 GW of renewable energy by 2030.

A suspect who was allegedly involved in the 2023 blast at Peshawar Police Lines mosque, that claimed 84 lives, was arrested a day earlier and has been identified as police constable Muhammad Wali, the Khyber Pakhtunkhwa Inspector General of Police (IG) Akhtar Hayat Khan Gandapur revealed in a press briefing on Tuesday.

On Jan 30, 2023, a powerful explosion ripped through a mosque in Peshawar’s Red Zone area where between 300 and 400 people — mostly police officers — had gathered for prayers.

The banned Tehreek-i-Taliban Pakistan (TTP) had claimed responsibility for the attack. It later distanced itself from the blast but sources earlier indicated that it might have been the handiwork of some local faction of the outlawed group.

Addressing the press conference in Peshawar today, IG Gandapur said the “remaining missing link” was related to who had facilitated Qari, the alleged suicide bomber.

“As a result of that effort, […] we arrested this person along with two suicide jackets from near Jameel Chowk on Peshawar’s Ring Road on 11/11, meaning yesterday,” the IG stated, referring to the facilitator.

“Based on the interrogation, it was deduced that the facilitator was our own policeman,” who he identified as Muhammad Wali.

“The suspect operated in line with the order of the banned organisation Jamaatul Ahrar and has received Rs200,000 through the hundi-hawala system,” KP IG said, adding that the policeman also received Rs40,000 to Rs50,000 from the banned group per month.

“He received Rs200,000 which cost the lives of hundreds of people who were martyred. He sold his [own] brothers for this,” the IG added.

The top cop further revealed that the suspect dropped off the suicide bomber at the Pir Zakori bridge.

“After the blast occurred, he contacted his handler named Junaid and informed him about the success of the operation via Telegram,” he stated.

While the police already knew that Jamaatul Ahrar was involved in the blast, the suspect was the “missing link” who acted as a local facilitator.

The police inspector general said that Muhammad Wali was also involved in other incidents.

In Feb 2024, the suspect handed a pistol to a person from Jamaatul Ahrar named Saifullah in Lahore to target a member of the Ahmadiyya community, the KP IG said.

He targeted a priest at Peshawar’s Jameel Chowk in Jan 2022, he added.

According to Gandapur, social media played a key role in such incidents, adding that “Fitna al Khawarij and other extremist organisations use social media to brainwash and radicalise people”.

In July, the government, through an official notification, designated the TTP as Fitna al Khawarij, while mandating all institutions to use the term khariji (outcast) when referring to the perpetrators of terrorist attacks on Pakistan.

Then-KP IG Moazzam Jah Ansari had said in February last year that the suicide bomber was “clad in a police uniform”. He had said that technical evidence and information collected suggested that the blast was the work of TTP’s Jamaatul Ahrar faction.

In March 2023, the KP Counter-Terrorism Department (CTD) said the mastermind and the handler of the suicide bomber had been traced, stating that both of them were Afghan nationals.

Then-CTD chief Shaukat Abbas said the suicide bomber was identified only by his alias “Qari” and his handler was identified as Ghaffar aka Salma. He had further confirmed that the attack was carried out by Jamaatul Ahrar.

Nations have begun setting carbon-cutting targets for the decade ahead, and how ambitious these pledges are could make or break global efforts to avoid dangerous levels of climate change.

Nearly 200 countries are supposed to publish updated climate plans by early February, but so far only three have done so.

On Wednesday, the UK became the latest, announcing during the COP29 climate summit in Azerbaijan that it would raise its target to cut greenhouse gas emissions.

All eyes will be on other big polluters like China, India, and the United States, though future US climate action is unclear following Donald Trump’s election.

Why do they matter?

The world has agreed to try and limit global warming to 1.5 degrees Celsius above pre-industrial levels, but is nowhere near on track.

Above this threshold, scientists say humanity risks disastrous consequences from volatile weather to major ecological “tipping points” at land and sea.

Last month, the United Nations warned that even if all existing plans are implemented in full, temperatures would rise 2.6°C by the century’s end, a catastrophic outcome.

The UN says the next round of climate plans must show a “quantum leap” in ambition to avert the worst.

The G20 — which accounts for 77 per cent of total greenhouse gas emissions — is under particular pressure to step up.

Early movers

Just before COP29 opened in Azerbaijan, the United Arab Emirates announced a 47pc reduction in emissions by 2035 compared with 2019 in its updated climate plan.

Observers said the roadmap failed to account for exported emissions —including those from its sales of crude oil abroad.

Next year’s UN climate host, Brazil, has partly unveiled its plan, increasing its emissions reduction target from a 59pc cut by 2035, from 2005 levels, to a 67pc reduction.

It is expected to unveil a more complete plan during COP29.

Plans from other major emitters, like the European Union and China, are not expected until next year.

And the current US government could soon outline Washington’s new pledge, despite questions over Trump following through once in office.

David Waskow, of the World Resources Institute, said it would help guide American cities, states and businesses wishing to continue climate action under Trump.

“It also sends an important signal internationally, a set of benchmarks for what the US ought to do,” he added.

What do countries need to do?

By signing the Paris accord, nearly 200 nations agreed to halt rising temperatures “well below 2°C” and strive for the safer goal of 1.5°C.

But it did not prescribe how to get there.

The deal left it up to countries to voluntarily chart their own plans and targets, known as Nationally Determined Contributions (NDCs).

These include emission reduction targets and measures to achieve them, such as rolling out renewable energy, electrifying transport, and ending deforestation.

There is no set template for countries to follow but richer countries —historically the largest emitters — have a responsibility to pledge the deepest emission cuts.

The plans must be reviewed every five years, with each update supposed to be more ambitious than the last. This time around countries are expected to improve their 2030 targets and outline economy-wide action they will take to 2035.

What’s the aim?

An agreement at last year’s COP28 climate summit “encouraged” countries to come forward with plans aligned with halting warming to 1.5°C.

To have a hope of meeting that goal, emissions must be slashed 42pc by 2030 and 57pc by 2035, the UN’s Environment Programme said last month.

Currently, however, emissions are continuing to rise.

Keeping 1.5°C on track would require a collective effort “only ever seen following a global conflict”, it added.

Without pulling together “on a scale and pace never seen before… the 1.5°C goal will soon be dead,” said UNEP executive director Inger Andersen.

The big moment for assessing progress towards the 1.5°C goal comes at a crunch COP30 climate summit in Brazil next year.

What about fossil fuels?

Scientists and the International Energy Agency have said that developing new fossil fuel projects is incompatible with halting warming to 1.5°C.

But many fossil fuel-producing countries argue that new oil and gas projects will be needed as the world transitions to net zero emissions.

Countries are under pressure to outline in their updated plans how they intend to reduce their reliance on fossil fuels, something all nations agreed on at last year’s COP.

Header image: This picture taken on November 12 shows a wind turbine at the lignite-fired power station operated by German energy giant RWE near Neurath, western Germany. — AFP

BEYOND rhetoric, unity is rare within the Muslim world. Yet it was reassuring to see Muslim states speak with one voice at the extraordinary OIC-Arab League summit in Riyadh on Monday, specifically concerning the genocidal wars that Israel has unleashed in Palestine and Lebanon.

Although it would have been better if the Muslim bloc had announced practical measures to punish Israel and its supporters for their murder of tens of thousands of Palestinian and Lebanese civilians, in the current circumstances, even coming together on one platform to denounce the genocidal violence is an achievement. Saudi Crown Prince Mohammed bin Salman vowed to stand by “our brothers in Palestine and Lebanon”, while warning Israel to respect Iran’s sovereignty.

In view of the acrimony that has often marked ties between the kingdom and the Islamic republic, this show of solidarity is creditable. Prime Minister Shehbaz Sharif sought an arms embargo against Israel; indeed, such an embargo, as well as Muslim states’ freezing of economic and diplomatic ties with Israel, should have happened as soon as Tel Aviv began its butchery in Gaza. The summit also reiterated the need for Israel to vacate all occupied Arab land, including the held Palestinian territories and the Golan Heights.

As the Muslim-Arab bloc was pledging solidarity with Palestine in Riyadh, the Israelis were busy pouring cold water over any prospect of a sovereign Palestinian state. The new Israeli foreign minister said that statehood was not a “realistic” position, while Tel Aviv’s extremist finance minister has asserted that plans are ready to annex the occupied West Bank. This is a clear message that the Israelis are not ready for peace and Tel Aviv’s bloodthirsty, expansionist policies will continue.

Moreover, Donald Trump is assembling a mortifying line-up of pro-Israel, anti-Iran hawks to head positions in the UN and the State Department. It is safe to say that peace-making will not be a priority, unless this ‘peace’ entails total capitulation of the Arab side.

Exactly 50 years ago, Yasser Arafat told the world while speaking at the UN that he held forth an olive branch as well as a freedom fighter’s gun. “Do not let the olive branch fall from my hand,” Arafat warned. Sadly, in their arrogance, the Israelis have effectively cut off the hand holding the olive branch, which has left the Palestinians clasping only a gun.

What occurred on Oct 7, 2023, was the result of the Israelis repeatedly dismissing the olive branch. Today, Gaza is a massive graveyard, Lebanon is on fire and the entire Middle East is on the brink of a conflagration. The only solution is for Israel to stop its slaughter, and recognise the reality that Palestine cannot be erased.

Published in Dawn, November 13th, 2024

Prime Minister Shehbaz Sharif on Tuesday said that debt cannot become the “acceptable new normal” in climate financing, as he addressed the challenges faced by developing countries within the global climate finance framework.

His statement came during a Climate Finance Round Table Conference organised by Pakistan on the sidelines of the two-day World Leaders Climate Action Summit, also known as COP29, currently being held in Azerbaijan’s capital of Baku.

“We stand at a crucial threshold where global climate finance framework must be redefined to effectively meet the needs of vulnerable nations,” PM Shehbaz said.

He explained that financing in the form of loans increases the debt of developing nations and pushes them towards “mounting debt traps” which he referred to as “death traps”.

He added, “Debt cannot become the acceptable new normal in climate financing which is why we must resume focus on non-debt financing solutions enabling countries to fund climate initiatives.”

“Despite years of promises and commitments, the gaps are growing, leading to aggregate barriers in achieving objectives of the UN Framework Convention on Climate Change (UNFCCC).”

PM Shehbaz called climate financing an “urgent need of the hour”, stating that developing countries need to deliver Nationally Determined Contributions (NDCs) and “need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs.”

The prime minister further urged donor countries to “fulfil their commitment” which is 4.7 per cent of their gross national product (GNP) and capitalise on existing climate funds.

“One such commitment is a $100bn annual climate pledge established a decade ago at COP15 [which] is now reported by OECD to have reached only $160bn,” he said.

PM Shehbaz said that Pakistan can relate to the “agony and pain of other vulnerable countries”, highlighting how the country faced two devastating floods.

“In 2022, one-third of Pakistan was under water and the country had to repurpose all development and climate funds for financing basic relief and humanitarian efforts,” he said.

Pakistan is ranked among the top 10 most climate-vulnerable countries, according to the Global Climate Risk Index 2021. It has faced increasingly frequent and severe weather events, such as unprecedented floods, intense monsoon rains, devastating heat waves, rapid glacial melting and glacial lake outburst floods.

Pakistan witnessed devastating floods during the 2022 monsoon season, induced by climate change, resulting in the loss of at least 1,700 lives.

With 33 million people affected and swathes of agricultural land washed away, the damage incurred losses worth $30 billion, according to government estimates.

In June 2024, a heat wave brought record-high temperatures, severely impacting public health and agriculture.

While emphasising transparency and coordination in financial commitments made to developing countries, he stated that Pakistan alongside other developing countries, calls for stronger more equitable climate finance mechanisms under the UNFCCC.

He reiterated the pertinent need for reform of international financial architecture saying that “now is the time to build up on the momentum for international financial reforms” so that no nation is left behind in the global response to climate change.

PM to highlight ‘balanced and ambitious’ climate action

According to the Foreign Office, several high-level events and roundtable discussions hosted by Pakistan will also take place at the Pakistan Pavilion during COP29.

It added that at COP29, Pakistan will call for “balanced and ambitious progress on all issues such as loss and damage, adaptation, mitigation and means of implementation”.

“It will seek predictable financing to address developing countries’ climate goals. Pakistan will also underscore the historical responsibility and the principle of Equity and Common but Differentiated Responsibility and call on developed nations to undertake deeper emission cuts.”

PM Shehbaz was warmly received by Azerbaijan President Ilham Aliyev and UN Secretary-General António Guterres upon his arrival at the summit venue today, state-run Radio Pakistan reported.

The first day of the Climate Action Summit will feature statements from various heads of states, beginning from 3pm Pakistan time.

Speakers include the United Kingdom’s PM Keir Starmer, Saudi Arabia’s Crown Prince Mohammed bin Salman, Turkiye President Recep Tayyip Erdoğan and Ukraine President Volodymyr Zelenskyy.

Among those scheduled to address the high-level meeting tomorrow, besides PM Shehbaz, are Bangladesh leader Muhammad Yunus and Russia’s PM Mikhail Mishustin.

PM Shehbaz is listed as the 37th speaker out of 47 leaders during the session scheduled from 10am to 6pm (Pakistan time).

The prime minister will also participate in a high-level event ‘Glaciers 2025: Actions for Glaciers’ organised by Tajikistan President Emomali Rahmon on the protection of glaciers.

PM Shehbaz will also hold separate meetings with the prime ministers of Denmark and the Czech Republic, who are also attending COP-29, Radio Pakistan stated.

PM meets world leaders

On the sidelines of COP29, PM Shehbaz interacted with UAE President Sheikh Mohammed bin Zayed Al Nahyan and discussed cooperation on climate change and matters of mutual interest, Radio Pakistan reported.

The premier also met with PM Starmer, where the two discussed enhancing Pakistan-UK cooperation.

He also met with Turkish President Recep Tayyip Erdogan and his wife Emine Erdogan, where they discussed environmental pollution as well as matters of mutual interest between the two friendly nations, the report added.

In his interactions with Nepal’s President Ramchandra Paudel and Bangladesh’s Yunus, PM Shehbaz discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.

Kazakhstan President Kassym-Jomart Tokayev and PM Shehbaz explored strengthening bilateral relations as well as expanding regional connectivity.

In his meetings with Uzbekistan President Shavkat Mirziyoyev and Tajikistan’s Rahmon, the leaders spoke about the conservation of glaciers and water resources in Central Asian countries and Pakistan.

They also exchanged views on expanding communication links among Pakistan, Tajikistan and Uzbekistan, Radio Pakistan highlighted.

World leaders meet for climate talks, but big names missing

Dozens of world leaders convene in Azerbaijan for COP29 but many big names are skipping the UN climate talks where the impact of Donald Trump’s election victory is keenly felt.

UK’s Starmer will unveil an “ambitious” update to the UK’s climate goals later today, and said he wanted his country “to show leadership on the climate challenge.”

Joe Biden, Xi Jinping, Narendra Modi and Emmanuel Macron are among G20 leaders missing the event, where uncertainty over future US unity on climate action hung over the opening day.

“It’s not an ideal situation,” acknowledged Steven Guilbeault, Canada’s environment minister. “But in 30 years of COP, it’s not the first time that we’ve faced obstacles,” he told AFP.

“Certainly, everything is still possible.”

Washington’s top climate envoy John Podesta is seeking to reassure countries in Baku that Trump’s re-election will not end US efforts on global warming, even if the issue will be “on the back burner”.

But despite calls for global cooperation, the opening day got off to a rocky start, with feuds over the official agenda delaying by hours the start of formal proceedings in the stadium venue near the Caspian Sea.

“This will be a tough COP,” said Fernanda Carvalho, global climate and energy policy lead at WWF.

“Countries are divided. There is a lack of trust,” she told AFP, and divisions over climate finance “will be reflected in every room of those negotiations.”

Beijing is pushing Pakistan to allow its own security staff to provide protection to thousands of Chinese citizens working in Pakistan during talks, after a car bombing near Karachi’s airport that was seen as a major security breach, sources said.

Last month’s airport bombing that killed two Chinese engineers returning to work on a project after a holiday in Thailand was the latest in a string of attacks on Beijing’s interests in Pakistan.

The attacks have angered China, which has pushed Pakistan to begin formal negotiations for a joint security management system.

Reuters spoke to five Pakistani security and government sources with direct knowledge of the previously unreported negotiations and demands on condition of anonymity, as the talks are sensitive, and reviewed a written proposal sent by Beijing to Islamabad.

“They (Chinese) want to bring in their own security,” said one official, who sat in on a recent meeting, adding that Pakistan had not so far agreed to such a step.

According to the official, a written proposal sent to Islamabad by Beijing, and forwarded to Pakistani agencies for review, mentioned a clause allowing the dispatching of security agencies and military forces into each others’ territory to assist in counter-terrorism missions and conduct joint strikes.

The dispatching would be done after discussions, but Pakistan was averse to the proposal, one official said.

Neither Beijing nor Islamabad confirmed the talks officially.

Dawn.com has also reached out to the Foreign Office for a comment.

The source, and two other officials, said there was a consensus on setting up a joint security management system, and that Pakistan was amenable to Chinese officials sitting in on security meetings and co-ordination.

But there was no agreement on their participating in security arrangements on the ground.

The first official said Pakistan had asked China for help in improving its intelligence and surveillance capabilities instead of direct involvement.

A spokesman for China’s foreign ministry told Reuters it was not familiar with talks on a joint security scheme, but added, “China will continue to strengthen co-operation with Pakistan and make joint efforts to do its utmost to maintain the security of Chinese personnel, projects and institutions.”

Inter-Services Public Relations (ISPR), the military’s media wing, declined to comment to Reuters while the interior and planning ministries did not respond to repeated requests for comment.

In a statement last week, Pakistan’s interior ministry said both sides agreed to develop a joint strategy to prevent similar incidents in the future.

‘Grave security breach’

The nature of the Karachi bombing has angered Beijing, which is now pushing harder to achieve a long-standing demand to control security arrangements for its citizens.

A pick-up truck rigged with nearly 100 kilogrammes of explosives waited unchecked for about 40 minutes near the outermost security cordon of the heavily guarded airport before its driver rammed it into a vehicle carrying Chinese engineers, officials said.

“It was a grave security breach,” admitted one of the officials investigating the bombing, which came just a week before Chinese Premier Li Qiang’s visit to Islamabad, the first such trip in a decade.

The official said investigators believe the attackers had “inside help” in securing details of the itinerary and route of the engineers, who had returned from a month off in Thailand.

They were to be escorted back to a power plant set up as part of plans for the China-Pakistan Economic Corridor (CPEC).

Longtime Pakistan ally China has thousands of nationals working on projects grouped under the CPEC, a $65-billion investment in President Xi Jinping’s Belt and Road Initiative, which seeks to expand China’s global reach by road, rail and sea.

‘Chinese frustrations’

Publicly, China has mostly backed Pakistan’s arrangements, even as it calls for enhanced security.

Privately, Beijing has expressed frustration. At one recent meeting, the Chinese side provided evidence that Pakistan had failed to follow security protocols agreed on twice in recent months, three officials said. Such protocols usually feature high standards for the deployment and movement of Chinese officials.

However, earlier this month, China’s Ambassador to Pakistan, Jiang Zaidong, while speaking at an event, had expressed frustration over the attacks, stating it was “unacceptable” and urging Islamabad to strengthen security measures for Chinese nationals and crack down on anti-China elements.

In response, Foreign Office Spokes­person Mumtaz Zahra Baloch had called the statement “perplexing” and a stark departure from the longstanding diplomatic norms between the two nations.

Chinese nationals have been in the crosshairs of banned outfits who accuse Beijing and Pakistan of exploiting minerals in Balochistan, where China has a strategic port and mining interests.

Thousands of Pakistani security officers from the army, police and a dedicated force called the Special Protection Unit are posted to guard Chinese nationals.

Only China’s embassy in Islamabad and its consulates are allowed Chinese official security personnel, the Pakistani officials said.

BERLIN: Germany is headed for snap elections on February 23, the main parties agreed on Tuesday, aiming to form a stable government after Chan­cellor Olaf Scholz’s three-party coalition collapsed last week.

The country’s two biggest parties agreed on the early timetable, which will see centre-left leader Scholz seek a vote of confidence on December 16, said the parliamentary leader of Scholz’s Social Democrats (SPD), Rolf Muetzenich.

This would pave the way for the February vote in a compromise hammered out with the conservative opposition Christian Democrats (CDU) and their Bavarian allies CSU.

The agreement seeks to quickly restore political stability at a time when Europe’s biggest economy is set to shrink for a second year in a row and amid heightened geopolitical volatility, with wars raging in Ukraine and the Middle East.

As per agreement between two biggest parties, Chancellor Scholz will seek trust vote on Dec 16

The election date would mean Germany will be ruled by a lame-duck chancellor and stuck in the middle of its campaign period when Donald Trump is inaugurated as US president on January 20.

Embattled Scholz, who wants to run again despite poor poll ratings, initially suggested an election in late March but came under heavy pressure from all other parties to speed up the process.

The CDU is riding high in the polls and its leader Friedrich Merz had pushed strongly for an election as early as possible — a demand backed by two thirds of voters, according to a recent survey.

“We don’t have unlimited time to elect a new government in Germany, regardless of who leads it… because the world around us is not waiting,” Merz said on Tuesday.

“It’s not as if everyone is holding their breath and watching Germany in fascination, as decisions are taken in Europe, Asia and the United States.

“The world expects a Germany that is capable of taking action.”

Winter election campaign

The February 23 date would force politicians to run their campaigns in the dark and cold of winter, when voters will be less enthusiastic to flock to outdoor events than during the usual summer campaign seasons.

Scholz is expected to lose the confidence vote in the lower house of parliament, after which President Frank-Walter Steinmeier will have 21 days to dissolve the Bundestag.

Elections have to be held within 60 days of the dissolution.

Scholz took office in late 2021, taking over from the CDU’s Angela Merkel, in a three-way coalition with the left-leaning Greens and the liberal and pro-business Free Democrats (FDP).

But mounting differences over economic and fiscal policy came to a head last week when Scholz fired the rebellious FDP finance minister Christian Linder, prompting the small party to leave the government.

Since then, Scholz’s SPD and the Greens have carried on in a minority government that would need opposition support to pass any laws — something the CDU/CSU had rejected in the absence of clarity on an election date.

Future scenarios

Scholz’s coalition marked the first time a tripartite alliance has ruled at the federal level, and it may not be the last, given Germany’s increasingly fragmented political party landscape.

Fears about immigration have driven the rise of the far-right Alternative for Germany (AfD) party. It is now polling at close to 20 per cent, but other parties have pledged to shun it as a coalition partner.

The latest polls put the centre-right CDU/CSU alliance firmly in the lead at 32pc.

To win a majority, however, the conservatives would likely need the future backing of the SPD, which is currently polling at 15.5pc, in a so-called grand coalition, plus a third party.

Contenders for that spot, according to current polling, would be either the FDP, with five percent support, or possibly the Greens, who are polling at 11pc.

Lindner, who has said he wants to be finance minister again, on Tuesday welcomed the date for new elections, saying:“Happily we now have clarity on this question.” He earlier said that he thought Merz “will almost certainly be the next chancellor of Ger­many. The only question is: Who will chancellor Merz govern with?”

Published in Dawn, November 13th, 2024

TEHRAN: Iranian bank cards can now be used in Russia, state television reported, as the two countries linked their banking systems in the latest bid to counteract sanctions.

Iranian banks have been excluded since 2018 from the SWIFT international financial messaging service, which governs the vast majority of transactions worldwide.

The move is part of a raft of sanctions that were re-imposed on Iran after the United States withdrew from a landmark 2015 nuclear deal.

Iranian bank cards can now be used in Russia, state television channel IRINN said on Monday, showing the withdrawal of money using an Iranian bank card from an ATM in Russia.

Iranians can now use their cards in Russia to pay for in-store purchases

The operation was made possible by connecting Iran’s interbank network Shetab to its Russian equivalent Mir, the channel said.

Iranians can currently withdraw money in Russia, and will in the future be able to use their cards to pay for in-store purchases, it added.

“The plan is also going to be implemented in other countries that have a wide range of financial and social interactions with Iran, for example Iraq, Afghanistan and Turkiye,” it said.

Both Iran and Russia have sought to counteract the effects of sanctions on their economies.

Since the start of Russia’s invasion of Ukraine in 2022, Moscow has faced mounting sanctions, and its ties with Tehran have grown closer in parallel.

Ukraine and its Western allies have since the start of the conflict accused Iran of supplying Russia with both drones and missiles for use in the war.

Tehran and Moscow signed an agreement in June to strengthen their cooperation in the banking sector.

In the future, Russians will also be able to use their bank cards in Iran, IRINN said, without specifying when.

Russia has been pushing for the creation of an international payment platform as an alternative to the SWIFT service, from which key Russian banks have also been excluded since 2022.

Published in Dawn, November 13th, 2024

Tremors were felt in various cities of Khyber Pakhtunkhwa as well as Islamabad on Wednesday after a quake jolted Afghanistan’s Badakhshan region.

According to the United States Geological Survey (USGS), the earthquake had a magnitude of 5.1, while the Pakistan Meteorological Department (PMD) reported it as having a 5.3 magnitude.

The USGS said the quake’s centre was located 37 kilometres west-southwest of Afghanistan’s Ishkashim town and had a 220.7km depth.

The earthquake struck at 10:13am (Pakistan time), both the USGS and PMD confirmed.

No casualties have been reported so far.

DawnNewsTV reported that the tremors were felt in Peshawar and its adjoining areas, as well as Islamabad.

Speaking to DawnNewsTV, two correspondents based in the cities said the quake caused people to evacuate buildings.

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