UNGA moves Security Council reform to next session amid disagreements

Associated Press of Pakistan 10:07 PM | 30 Jun, 2018
UNGA moves Security Council reform to next session amid disagreements
UNITED NATIONS - The UN General Assembly Friday approved, by consensus, a decision to continue the long-running negotiations to reform the Security Council during its forthcoming 73rd session, with Pakistan reiterating that such reform must have “widest possible acceptance” by member states.

By the terms of that decision, the 193-member Assembly reaffirmed its central role in the question of equitable representation on and increase in the membership of the Security Council, as well as in other issues related to the 15-member body.

To that end, it also decided to convene an open-ended working group on those matters during the next session, which opens in New York on September 18, and to immediately continue intergovernmental negotiations on restructuring the Security Council. Those negotiations would build on the informal meetings held during the 72nd session.

The Assembly also welcomed the active engagement and efforts of the President of the General Assembly, Miroslav Lajcak, and the Co-Chairs of the negotiations.

“The inter-governmental negotiation process this year has been intense and Pakistan has, along with the other Uniting for Consensus countries, participated actively and upheld the principle of democratic reform of the Security Council to make it more representative, accountable, transparent and effective,” Pakistan’s Ambassador to the UN Maleeha Lodhi said in an interview with APP after the Assembly’s decision.

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“We have also emphasized that such reform must have the widest possible acceptance by member states,” she added.

Full-scale negotiations to restructure the Security Council began in the General Assembly in February 2009. Despite a general agreement on enlarging the Council, as part of the UN reform process, member states remain sharply divided over the details.

Known as the “Group of Four” — India, Brazil, Germany and Japan — have shown no flexibility in their campaign to expand the Security Council by 10 seats, with six additional permanent and four non-permanent members.

On the other hand, the Italy/Pakistan-led Uniting for Consensus (UfC) group say that additional permanent members will not make the Security Council more effective and also undermine the fundamental principle of democracy that is based on periodic elections.

The Security Council is currently composed of five permanent members — Britain, China, France, Russia and the United States — and 10 non-permanent members that are elected in groups of five to two-year terms.

On Friday, Lajcak, the president of the General Assembly, who introduced the oral decision, said that he believed the discussions carried out by member states had been an inclusive process. An outcome had been reached, and he expressed his hope that the work done could be built upon. He commended the importance of the process and underscored that member states would decide where the work would go from here.

Outside the room, the entire world was watching, he said. As General Assembly President, he had faced many questions about the reform of the Security Council, and those were not questions for him to answer but rather questions for the member states themselves.

The United Nations, Lajcak said, was judged by the performance of the Security Council, and if people lost faith in the United Nations then, regardless of the results on the ground, that could undermine the entire system. The future of the organization was in the hands of member states. The matter at hand was one of the most sensitive international processes taking place today, and every word mattered. Only a strong process could have a strong outcome, he said.

Speaking on behalf of the Italy/Pakistan-led Uniting for Consensus Group, Italian diplomat Inigo Lamberti told the General Assembly that reform must build on solid bases, elements that were truly shared by all member states. There could be no room for ambiguous language, he said. There were neither linguistic nor procedural shortcuts to Security Council reform, and experience showed that any attempt in that direction only had the consequence of pulling the process further away from the goal.

Associated Press of Pakistan
Associated Press of Pakistan

Associated Press of Pakistan Corporation (APPC) - Pakistan's Premier News Agency


Rupee gains massive recovery against US dollar after SBP relaxes rules for banks

KARACHI – The Pakistani rupee experienced a significant surge in its value in the open market against the dollar.

This surge came after a recent directive from the State Bank of Pakistan (SBP), allowing banks to purchase dollars at the interbank market rate for international card payments. The objective of this move was to narrow the exchange rate gap between the official and informal markets.

According to the Exchange Companies Association of Pakistan, the currency market witnessed the dollar being traded at Rs298, compared to its previous day’s closing rate of 311.

The SBP’s decision was influenced by the International Monetary Fund’s demand for Pakistan to stabilize its currency market before resuming a $6.5 billion bailout program.

In a circular, the central bank stated, “In response to the feedback received from various stakeholders, Authorized Dealers are now permitted to buy USD from the Interbank market to settle card-based cross border transactions with international payment schemes (IPS).”

Market analysts had predicted a decline in the value of the rupee following the implementation of these new guidelines.

Zafar Paracha, the General Secretary of the ECAP, expressed that the SBP’s decision was timely and appropriate. He anticipated that it would lead to a decrease of 20 to 25 rupees in the open market currency rate. Paracha also noted that aligning the rates in the official and informal markets would bolster remittance inflows.

Pracha further emphasized that significant disparities in rates between the official and informal markets encourage transactions outside of the official banking system.

Today's gold rates in Pakistan – June 1, 2023

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 229,000 on Thursday. The price of 10 grams of 24k gold was recorded at Rs197,620.   

Likewise, 10 grams of 22k gold were being traded for Rs181,150 while a single tola of 22-karat gold was being sold at Rs 211,290.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 229,000 PKR 2125
Karachi PKR 229,000 PKR 2125
Islamabad PKR 229,000 PKR 2125
Peshawar PKR 229,000 PKR 2125
Quetta PKR 229,000 PKR 2125
Sialkot PKR 229,000 PKR 2125
Attock PKR 229,000 PKR 2125
Gujranwala PKR 229,000 PKR 2125
Jehlum PKR 229,000 PKR 2125
Multan PKR 229,000 PKR 2125
Bahawalpur PKR 229,000 PKR 2125
Gujrat PKR 229,000 PKR 2125
Nawabshah PKR 229,000 PKR 2125
Chakwal PKR 229,000 PKR 2125
Hyderabad PKR 229,000 PKR 2125
Nowshehra PKR 229,000 PKR 2125
Sargodha PKR 229,000 PKR 2125
Faisalabad PKR 229,000 PKR 2125
Mirpur PKR 229,000 PKR 2125


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