ISLAMABAD: Finance Minister Asad Umar said on Friday that Pakistan will receive separate financial aid packages from the United Arab Emirates (UAE) and China in December to help overcome its balance of payments crisis.
“Negotiations with the UAE and China are in the advanced stage for a financial package and hopefully the agreements will be signed next month,” he said while addressing a press conference here along with the Minister for Planning and Development, Khusro Bakhtiar.
Umar said that the technical teams are finetuning the financial accords with the two allies which, in turn, would help avert an immediate balance of payments crisis. He, however, declined to disclose the exact quantum of financial assistance which Pakistan expected to receive from the UAE and China.
The finance minister said that Pakistan was facing a current accounts deficit amounting to $19 billion when his party, the Pakistan Tehreek-e-Insaf (PTI), assumed office in August this year.
“We were able to reduce the current accounts deficit to $12 billion with the help of some prudent economic policies,” he said, adding that this gap has also been bridged with financial aid from friendly countries such as Saudi Arabia.
In October this year, the Kingdom pledged to provide a $6 billion bailout package for Pakistan’s ailing economy following a visit by Prime Minister Imran Khan. The package includes a $3 billion balance of payment support, with an additional $3 billion in deferred payments on oil imports.
Pakistan has thus far received $1 billion out of the promised amount, with the additional $2 billion to be provided in the next two months.
PM Khan also visited the UAE and China in November to seek help, with Umar saying that both the countries agreed to extend financial support.
Speaking on the occasion, Bakhtiar said that work is underway to introduce structural reforms in key areas of governance in order to increase exports, foreign remittances, and investment.
“We are also signing industrial and agricultural frameworks with China under the China Pakistan Economic Corridor to create job opportunities and enhance exports,” he said.
Bakhtiar said that lending in the private sector has increased five times in the past three months which shows an increased confidence of investors in the government’s economic policies.
“Exports and manufacturing base will be enhanced in the coming three to four years which will have a positive impact on the economy,” he said, adding that untapped natural resources, such as minerals in Balochistan and Khyber Pakhtunkhwa provinces, will also be exploited.
Pakistan to receive aid package from UAE, China in December — Umar
Pakistan to receive aid package from UAE, China in December — Umar
- Finance Minister refuses to disclose total amount to be provided by allies
- Pakistan is signing industrial and agricultural frameworks with China
Pakistan’s finmin departs for Asian Financial Forum to meet top Chinese officials, investors
- AFF brings together influential leaders from government, finance and business in the region
- Muhammad Aurangzeb will also interact with foreign media publications during the tour
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb has left for Hong Kong to take part in the Asian Financial Forum (AFF) 2025 where he is expected to meet top Chinese officials, financial experts and investors, state-run media reported on Sunday.
The AFF is the region’s premier platform that brings together influential leaders from government, finance, and business communities globally for ground-breaking discussions and exchange of insights on the global economy from an Asian perspective.
AFF 2024 brought together over 140 elite speakers from around the world and attracted over 3,600 visitors from more than 50 countries and regions, including over 70 overseas and mainland China delegations.
“Finance Minister Muhammad Aurangzeb has departed for Hong Kong to represent Pakistan in the eighteenth Asian Financial Forum,” Radio Pakistan reported.
“During his visit, he will meet with heads and senior officials of major Asian financial institutions.”
The state media said Aurangzeb will meet Chinese and foreign officials, financial sector experts, professionals, investors and top businessmen during the summit.
These include the heads of China International Capital Corporation Limited, China New Energy Sky Rail Limited and Asian Infrastructure Investment Bank, it added.
The Pakistani finance minister will also hold interactions with foreign media, which include speaking to international publications such as Bloomberg, Nikkei Asia and other media representatives.
His visit to Hong Kong takes place as Pakistan attempts to ward off an economic crisis that has drained its resources and triggered a balance of payments headache for the country over the past two years.
Pakistan has made some economic gains since 2023 by slashing inflation down to single-digit figures from a record high of 38 percent in May 2023 and registering gains in the stock market.
Authorities in Pakistan’s southwest order case against coal mine owners after methane blast kills 12
Authorities in Pakistan’s southwest order case against coal mine owners after methane blast kills 12
- The incident occurred on Thursday, with rescuers managing to retrieve four bodies from the mine filled with gasThe incident occurred on Thursday, with rescuers managing to retrieve four bodies from the mine filled with gas
- Provincial mining department says 82 workers were killed in 46 coal mine accidents in Balochistan last year
QUETTA: The government of Pakistan’s southwestern Balochistan province ordered the lodging of a case against the owners of a private mining company on Saturday after a deadly methane gas explosion on Thursday killed 12 workers inside their coal mine located about 40 kilometers from Quetta.
Rescue teams recovered four bodies of the miners on Friday, while the search for the remaining eight has continued over the past two days, with rescuers facing challenges retrieving the bodies from 4,000 feet inside the mine filled with hazardous gas.
In a notification issued on Friday, the provincial mining department directed the district administration to lodge a First Information Report (FIR), or police complaint, against the owners of United Mineral Company Sanjdi.
“An accident occurred on 09/01/2025, which killed twelve miners,” the notification said. “Therefore, it is requested to lodge an FIR against Sheikh Abdul Aziz and Hayat Khan, owners of the mine.”
Balochistan, Pakistan’s largest province in terms of landmass, is one of the most impoverished regions in the country, yet it is among the richest in terms of mineral resources, with gold, copper and coal mines scattered across various districts.
Many coal mines in the province are operated by private companies, often under lease agreements with the government.
These mines are notorious for hazardous working conditions and poor safety standards, where deadly incidents are common, and miners work deep underground without adequate safety equipment.
According to the Mines and Mineral Department of Balochistan, 82 workers were killed in 46 coal mine accidents in 2024.
“Following the request of the mining department, we are lodging an FIR against the mine owners of the private mineral company located in Sanjdi,” Saadi Bin Asad, deputy commissioner of Quetta, told Arab News.
New Zealand recall proven trio for Pakistan-hosted Champions Trophy
- New Zealand recall Kane Williamson, Devon Conway and Lockie Ferguson for upcoming tournament
- Key trio were unavailable for home ODI series against Sri Lanka due to offshore T20 commitments
Wellington: Seasoned players Kane Williamson, Devon Conway and Lockie Ferguson were recalled Sunday to an experienced New Zealand squad to contest the Champions Trophy one-day tournament.
The key trio were unavailable for the just-completed home ODI series against Sri Lanka because of offshore T20 commitments.
Batters Williamson and Conway have been playing in South Africa’s T20 league while pace bowler Ferguson is involved in Australia’s Big Bash competition.
Ben Sears was also selected for the ICC tournament co-hosted by Pakistan and UAE, having missed the 2-1 series win over Sri Lanka with a knee injury.
It will be the first senior ICC event for Sears and fellow pace bowlers Will O’Rourke and Nathan Smith.
Coach Gary Stead will oversee a squad he said also boasted experience and depth.
“We’re currently blessed with a lot of quality players and that certainly made for some challenging selection discussions,” Stead said.
Spin bowler Mitchell Santner will lead New Zealand at a major event for the first time, after being named full-time white ball captain in December.
Santner, former skipper Williamson and wicketkeeper Tom Latham were all part of the New Zealand squad for the last edition of the Champions Trophy, in England and Wales in 2017.
New Zealand will contest the tournament’s opening match against Pakistan in Karachi on February 19, followed by pool games against Bangladesh and India.
New Zealand squad: Mitchell Santner (capt), Will Young, Devon Conway, Rachin Ravindra, Kane Williamson, Mark Chapman, Daryl Mitchell, Tom Latham, Glenn Phillips, Michael Bracewell, Nathan Smith, Matt Henry, Lockie Ferguson, Ben Sears, Will O’Rourke
Balochistan sacks 15 Levies personnel for surrendering to separatists in Khuzdar attack
- Dozens of armed militants took control of a small town in the district, set government properties on fire
- Khuzdar’s top administration official says paramilitary personnel showed ‘cowardice’ by not fighting
QUETTA: Authorities in Pakistan’s southwestern Balochistan province sacked 15 paramilitary personnel of Levies, it emerged Saturday, for showing “cowardice” by surrendering to armed militants of a separatist group following an attack on Zehri, a small town in Khuzdar district, on January 8.
Dozens of ethnic Baloch separatists entered the area and took control of Zehri Bazaar for several hours, setting government properties on fire and robbing Rs768,000 ($2,745) from a private bank.
Footage and pictures seen by Arab News showed armed fighters roaming the streets of the town after seizing weapons, vehicles and motorbikes from the paramilitary force.
Security forces later reclaimed the town following skirmishes with the militants, during which one soldier was injured.
“The Levies officials clearly showed cowardice and irresponsibility,” said a notification seen by Arab News. “The undersigned is of the view that there is no need to conduct any formal inquiry.”
Prepared by Khuzdar’s deputy commissioner, Yasir Iqbal Dashti, the notification was issued on January 9, a day after the incident.
Dashti confirmed the development to Arab News, saying the district administration had terminated the services of Levies personnel who did not fight the militants.
An outlawed armed separatist faction, the Balochistan Liberation Army (BLA), claimed responsibility for the attack.
Balochistan, Pakistan’s largest province by landmass and rich in mineral resources, has long faced a low-level insurgency led by separatist groups like the BLA, who accuse Islamabad of exploiting the province’s natural resources, such as gold and copper, while neglecting the local population.
Pakistani governments deny these allegations, saying that it has prioritized Balochistan’s development through investments in health, education and infrastructure projects.
The BLA has emerged as a significant security threat in recent years, carrying out major attacks in Balochistan and Sindh provinces while targeting security forces, ethnic Punjabis and Chinese nationals working on development projects.
Violence by Baloch separatist factions, primarily the BLA, killed about 300 people last year, according to official statistics, marking an escalation in the decades-long conflict.
Pakistan PM calls for AI integration to strengthen faceless customs system in Karachi
- Sharif inaugurated the system Wednesday to increase transparency, minimize human interaction
- The initiative also aims at digitizing the tax collection system and reduce clearance time at the port
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday stressed the importance of utilizing artificial intelligence to further enhance the newly installed Faceless Customs Assessment System at Karachi Port, a move aimed at improving transparency and efficiency in customs operations.
Sharif inaugurated the system, installed by the Federal Board of Revenue (FBR), Pakistan’s tax collection agency, during a daylong visit to the southern metropolis on Wednesday.
Launched as a pilot project in December 2024, the system seeks to streamline customs clearance by minimizing human interaction, reducing clearance times and improving trade facilitation.
The prime minister met with the chief collector of customs in Karachi Zone, Jameel Nasir, praising him and his team for their efforts in implementing the system.
“The Faceless Customs Assessment System has significantly improved transparency, efficiency and service delivery in customs operations,” Sharif was quoted as saying in a statement released by his office following the meeting.
The statement added that he “emphasized the need to incorporate advanced technologies, particularly artificial intelligence, to make the system world-class and foolproof.”
The initiative marks a step in the government’s broader strategy to digitize its tax collection, a key condition set by the International Monetary Fund (IMF) as part of its $7 billion loan program.
The government plans to expand the system to other ports and border stations across the country in the coming months.
The prime minister announced a reward of Rs15 million ($54,000) for Nasir and his team, acknowledging their dedication to the project.
“This system is a major milestone and will play a crucial role in Pakistan’s economic development,” he continued, adding that it aligned with the government’s vision of fostering a business- and investor-friendly environment.
Pakistan has been actively working to modernize its port facilities to transform the country into a transit trade hub.
The government has also extended an invitation to landlocked Central Asian nations to use its ports for access to global sea lanes, a move expected to enhance regional trade connectivity.
