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  The Bank of Canada confirmed its fifth straight rate hold yesterday, oil slipped back toward $89 a barrel after fresh U.S. strikes on Iran, and Canada Post workers officially have a new contract. Here is what every Canadian needs to know heading into Wednesday. 1 of 5 — Interest Rates Bank of Canada holds at 2.25% — for the fifth time in a row The Bank of Canada kept its benchmark interest rate unchanged at 2.25% on June 10, marking five consecutive holds since late 2025. Governor Tiff Macklem said the central bank is trying to balance two opposing forces: inflation pushed higher by elevated energy costs from the Middle East war, and an economy that has barely grown in recent quarters. "Economic weakness combined with rising inflation is a dilemma for monetary policy," Macklem told reporters, adding that holding the rate "balances those risks" for now. What it means for you: Variable-rate mortgage holders and borrowers with lines of credit get another month of pa...

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Pakistan Commits to Preventing Middle East Escalation Amid Tensions

 


In the face of mounting tensions in the Middle East, Pakistan has pledged its support for efforts to prevent further escalation. The country’s foreign ministry stated that it would back any initiatives aimed at averting war in the region. As fears grow over a potential broader conflict involving Israel and Iran, Pakistan’s stance underscores the importance of regional stability.

Background and Context

Recent events have heightened concerns about the possibility of a wider conflict. Following the killing of senior members of militant groups Hamas and Hezbollah, the Middle East braces for a potential new wave of attacks by Iran and its allies. Tehran has attributed the death of Hamas’s political leader on Iranian soil to Israel, although Israel has not confirmed its involvement.

The United States has been actively engaged in diplomatic efforts, urging other countries to convey to Iran that escalation in the Middle East is not in their interest. Amid this backdrop, Pakistan’s commitment to preventing war serves as a significant diplomatic signal.

Pakistan’s Stance

Foreign Ministry spokesperson Mumtaz Zahra Baloch emphasized that Pakistan stands firmly against any escalation in the Middle East. While she did not comment on whether Pakistan had been in contact with Washington over the issue, her statement underscores the country’s commitment to regional peace. Notably, Pakistan does not have diplomatic ties with Israel, but it has seen improved relations with neighboring Iran in recent times.

Regional Cooperation and Calls for Ceasefire

Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, recently participated in an emergency meeting convened by the Organisation of Islamic Cooperation (OIC) in Saudi Arabia. During the meeting, Dar condemned Israel’s actions in the Gaza Strip and called for a ceasefire, as well as better access for humanitarian aid. His appeal aimed at preventing further escalation of violence and tensions in the region.

Challenges and Ongoing Dialogue

Despite Pakistan’s commitment, challenges remain. A Pakistani man with alleged ties to Iran was charged in the United States in connection with a foiled plot to assassinate a U.S. politician or government officials. Pakistan has contacted U.S. authorities and awaits further information, emphasizing the need for clarity in such cases.

In summary, Pakistan’s proactive stance underscores the importance of regional stability and its commitment to preventing further escalation in the Middle East. As tensions persist, diplomatic efforts and cooperation among nations remain crucial to maintaining peace and averting conflict.


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