Islamabad: Asian Development Bank (ADB) on Monday reaffirmed continued support to Pakistan.

The assurance was given by President Asian Development Bank Masatsugu Asakawa during a meeting with a Pakistani delegation led by Minister for Economic Affairs Ahad Khan Cheema in Georgian Capital Tbilisi.

The President ADB reposed trust in Pakistan’s reform agenda and appreciated the required tough stabilization measures taken by the Government to bring about macroeconomic stability in the country. He assured Pakistan of its continued support in the areas of Public Private Partnership, climate and disaster resilience enhancement, Domestic Resource Mobilization, promoting Women Inclusive Finance and Energy Sector reforms.

The Minister urged ADB to deploy the additional resources towards high impact interventions including climate actions in the most vulnerable countries.

Earlier, speaking during the business session of the ADB’s Board of Governors, Minister for Economic Affairs Ahad Cheema highlighted Government of Pakistan’s firm commitment to wide-ranging program to unlock Pakistan’s economic growth potential. He said the economy is now on the consolidation path with improvements in inflation and some recovery of economic growth.

Ahad Cheema also held meetings with the senior leadership of the Asian Infrastructure Investment Bank and European Investment Bank to discuss their ongoing development portfolios in Pakistan and priority areas for future support. He also held meetings with bilateral development partners including the United Kingdom, Germany and USA to further strengthen bilateral cooperation in key priority areas including end to end digitalization of taxation system, energy infrastructure and climate change.

London (Reuters): Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.

Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.

Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.

The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway.

However, prospects for a deal faded as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the southern Gaza Strip.

On Monday, Israel's military called on Palestinian civilians to evacuate Rafah as part of a "limited scope" operation.

"News that Israel wants to go ahead and extend its operation into Rafah risks derailing a potential ceasefire agreement and reigniting Middle Eastern geopolitical tensions which had appeared to be easing," IG markets analyst Tony Sycamore said.

Also supporting oil was Saudi Arabia's move to raise the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong demand this summer.

Islamabad: OIC Contact Group on Jammu and Kashmir on Monday called for an early and peaceful resolution of the Jammu and Kashmir dispute.

Its meeting was held in Banjul, The Gambia on the sidelines of the 15th Islamic Summit of the OIC.

The participating delegations from different member states expressed support for the legitimate struggle of the Kashmiri people for realization of their inalienable right to self-determination in accordance with the relevant UN Security Council resolutions.

Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar, who led the Pakistan delegation briefed the Contact Group on India’s ongoing efforts to transform Kashmiris into a disempowered community in their own land.

He apprised the meeting that India was systematically denying the Kashmiri people their fundamental rights and freedoms.

Ishaq Dar said the Indian authorities have created an environment of fear and intimidation in the IIOJK to crush dissent.

He urged the international community to take cognizance of the Indian leaders’ provocative statements and unwarranted claims about Azad Jammu and Kashmir, which constitute a serious threat to regional peace.

The Deputy Prime Minister also stressed that India must release all the political prisoners, lift curbs on the outlawed political parties, revoke the illegal and unilateral actions of 5 August 2019 and the subsequent steps aimed at demographic change and political engineering, and implement the relevant UN Security Council resolutions.