Pakistan secures second highest domestic worker contracts in Saudi Arabia in Dec. 2021

Pakistani nationals wearing face masks wait in a queue to apply for a visa outside an embassy, in an attempt to reach Saudi Arabia, in Islamabad, Pakistan, on May 19, 2021. (AFP/File)
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Updated 14 February 2022
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Pakistan secures second highest domestic worker contracts in Saudi Arabia in Dec. 2021

  • Bangladesh topped the list of countries with 12,000 contracts in December 2021
  • Pakistani overseas employment promotor hopes for more export of manpower this year

KARACHI: Pakistan secured the second position among the countries that won the highest domestic worker recruitment contracts in Saudi Arabia during the month of December 2021 as the kingdom recorded an increase in the total recruitment contracts, the Saudi Ministry of Human Resources and Social Development data shows. 
The Saudi Ministry of Human Resources and Social Development’s Musaned platform, specialized in the recruitment of domestic workers, recorded an increase of more than 15 percent in the total recruitment contracts of domestic workers during the fourth quarter of the year 2021. 
The platform indicated that Bangladesh topped the list of countries with 12,000 contracts during the month of December, according to the statistics released by Musaned this week. Pakistan stood second with more than 11,000 contracts, while India was able to make around 11,000 contracts. 
The increase in domestic worker contracts comes as the Saudi labor market continues to expand, mainly due to the launch of several mega projects under the Saudi Vision 2030, according to a Pakistani overseas employment promotor. 
“We are receiving a lot of enquiries from Saudi Arabia and United Arab Emirates with the restoration of routine life after the COVID-19,” Sarfraz Zahoor Cheema, former chairman of the Pakistan Overseas Employment Promotors Association, told Arab News on Sunday. 
“We will see more export of manpower from Pakistan during the current and next years to various sectors of the kingdom.” 
Cheema, however, said that Pakistani workers were not trained for domestic employment as compared to Bangladesh and particularly Philippines, which had developed it as an industry. 
Saudi Arabia is utilizing Musaned to add several new countries to its list for the recruitment of domestic workers in 2022, according to Alson World, a communication strategies development firm that operates in Saudi Arabia and other Gulf countries. The kingdom is keen to have workers from countries that fit into Saudi families, based on epidemics, crime rate, language, education, expected recruitment cost, salaries and other criteria. 
Recruitment contracts of domestic workers increased to 65,000 in October 2021 and more than 69,000 in November 2021. In December, the ceiling rose to 76,000 contracts, recording a steady increase by the end of 2021. 
Based on the November figures, Philippines and Bangladesh secured 13,000 recruitment contracts, followed by Egypt with more than 9,000 contracts. 
Philippines recorded the same figure in October, while the number from Bangladesh stood at more than 11,000 contracts. Uganda was ranked third with around 10,000 contracts. 
Musaned aims to govern, automate and facilitate procedures for the recruitment of domestic workers and increase the level of protection of the rights of all parties by managing the contracting process between individuals and recruitment offices. 
It also aims to the manage the relationship between Saudi recruitment offices and domestic worker recruitment firms in countries exporting manpower. 


Expressions of interest due today for up to 100% stake in Pakistan International Airlines

Updated 13 sec ago
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Expressions of interest due today for up to 100% stake in Pakistan International Airlines

 

Islamabad is trying to offload 51-100 percent stakes in PIA under $7 billion IMF program to overhaul state-owned firms


2024 auction drew only one offer of $36 million, which was far below government’s $305-million floor price, and was rejected


Arab News Pakistan

Islamabad


Expressions of interest are due today, Thursday, for an up to 100 percent stake in Pakistan International Airlines (PIA), the country’s loss-making national flag carrier, as the government moves forward with long-delayed privatization plan aimed at easing pressure on its strained public finances.

The sale of PIA will be the first major privatization for around two decades. Turning around loss-making state-owned enterprises is a condition of an ongoing $7 billion bailout by the International Monetary Fund.

The government tried unsuccessfully to last year offload a stake in PIA, which is a major burden on its budget, but the sale was aborted because of the poor state of the airline and the conditions attached to any purchase.

In an advertisement issued by the government last month, it had said the deadline for the submission of expressions of interest and Statements of Qualification for the “Divestment of Pakistan International Airlines Corporation Limited through privatization” had been extended to 4pm hours on Thursday, June 19, 2025.

No changes had been made to the remaining terms and conditions, the privatization commission had said. 

In April 2025, the commission invited expressions of interest from domestic and international investors to acquire a majority stake, ranging from 51 percent to 100 percent, in PIA, initially setting a submission deadline of Tuesday, June 3, 2025.

According to the public notice, each EOI must be accompanied by a non-refundable processing fee of $5,000 or Rs1.4 million, with consortia required to pay the fee through any one member. Eligible bidders include legal entities such as companies, firms, and corporate bodies, either individually or as part of a consortium.

Reuters reported on Wednesday that among those planning bids are Pakistani conglomerate the Yunus Brothers Group, owners of the Lucky Cement and energy companies, and a consortium led by Arif Habib Limited that includes Fatima Fertilizer, Lake City, and The City School.

Fauji Fertilizer Company, which is part-owned by the military, has also said it will be making an expression of interest.

“The board … has approved submission of an expression of interest and pre-qualification documents to the Privatization Commission … and undertaking a comprehensive due-diligence exercise,” FFC said in a notice to the Pakistan Stock Exchange this week. 

FFC is Pakistan’s biggest fertilizer maker and has diversified interests in energy, food and finance. Any deal on PIA would expand the military group’s footprint into aviation, though final terms will hinge on the government’s privatization process and regulatory approvals.

A group of PIA employees has also come forward to bid.

“The employees will use their provident fund and pension, in addition to finding an investor to place a bid. We’re doing this to save jobs and turn around the company,” Hidayatullah Khan, president of the airline’s Senior Staff Association, told Reuters this week.

This is Pakistan’s second attempt to sell PIA. 

A 2024 auction drew only one offer – Rs10 billion ($36 million) for 60 percent of the airline from real-estate developer Blue World City – far below the government’s Rs85 billion ($305 million) floor price, and was rejected. 

Pakistan had offloaded nearly 80 percent of the airline’s legacy debt and shifted it to government books ahead of the privatization attempt. The rest of the debt was also cleaned out of the airline’s accounts after the failed sale attempt to make it more attractive to potential buyers, according to the country’s privatization ministry.

In April, PIA posted an operating profit of Rs9.3 billion ($33.1 million) for 2024, its first in 21 years.

The airline has for years survived on government bailouts as its operational earnings were eaten up by debt servicing costs.

Officials say offloading the debt burden and recent reforms like shedding staff, exiting unprofitable routes and other cost-cutting measures led to the profitable year.

Ahead of the attempt to sell the airline last year, PIA had faced threats of being shut down, with planes impounded at international airports over its failure to pay bills and flights canceled due to a shortage of funds to pay for fuel or spare parts.

With inputs from Reuters


Homeland insecurity: Expelled Afghans seek swift return to Pakistan

Updated 22 min 28 sec ago
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Homeland insecurity: Expelled Afghans seek swift return to Pakistan

  • Pakistan says it has expelled over million Afghans in the past two years, many have quickly attempted to return
  • Since April and a renewed deportation drive, some 200,000 Afghans have spilled over the two main border crossings from Pakistan

PESHAWAR, Pakistan: Pakistan says it has expelled more than a million Afghans in the past two years, yet many have quickly attempted to return — preferring to take their chances dodging the law than struggle for existence in a homeland some had never even seen before.

“Going back there would be sentencing my family to death,” said Hayatullah, a 46-year-old Afghan deported via the Torkham border crossing in Khyber Pakhtunkhwa province in early 2024.

Since April and a renewed deportation drive, some 200,000 Afghans have spilled over the two main border crossings from Pakistan, entering on trucks loaded with hastily packed belongings.

But they carry little hope of starting over in the impoverished country, where girls are banned from school after primary level.

Hayatullah, a pseudonym, returned to Pakistan a month after being deported, traveling around 800 kilometers (500 miles) south to the Chaman border crossing in Balochistan, because for him, life in Afghanistan “had come to a standstill.”

He paid a bribe to cross the Chaman frontier, “like all the day laborers who regularly travel across the border to work on the other side.”

His wife and three children — including daughters, aged 16 and 18, who would be denied education in Afghanistan — had managed to avoid arrest and deportation.

Hayatullah moved the family to Peshawar, the capital of Khyber Pakhtunkhwa and a region mostly populated by Pashtuns — the largest ethnic group in Afghanistan.

“Compared to Islamabad, the police here don’t harass us as much,” he said.

The only province governed by the opposition party of former Prime Minister Imran Khan — who is now in prison and in open conflict with the federal government — Khyber Pakhtunkhwa is considered a refuge of relative security for Afghans.

Samad Khan, a 38-year-old Afghan who also spoke using a pseudonym, also chose to relocate his family to Peshawar.

Born in eastern Pakistan’s Lahore city, he set foot in Afghanistan for the first time on April 22 — the day he was deported.

“We have no relatives in Afghanistan, and there’s no sign of life. There’s no work, no income, and the Taliban are extremely strict,” he said.

At first, he tried to find work in a country where 85 percent of the population lives on less than one dollar a day, but after a few weeks he instead found a way back to Pakistan.

“I paid 50,000 rupees (around $180) to an Afghan truck driver,” he said, using one of his Pakistani employees’ ID cards to cross the border.

He rushed back to Lahore to bundle his belongings and wife and two children — who had been left behind — into a vehicle, and moved to Peshawar.

“I started a second-hand shoe business with the support of a friend. The police here don’t harass us like they do in Lahore, and the overall environment is much better,” he told AFP.

It’s hard to say how many Afghans have returned, as data is scarce.

Government sources, eager to blame the country’s problems on supporters of Khan, claim that hundreds of thousands of Afghans are already back and settled in Khyber Pakhtunkhwa — figures that cannot be independently verified.

Migrant rights defenders in Pakistan say they’ve heard of such returns, but insist the numbers are limited.

The International Organization for Migration (IOM) told AFP that “some Afghans who were returned have subsequently chosen to remigrate to Pakistan.”

“When individuals return to areas with limited access to basic services and livelihood opportunities, reintegration can be challenging,” said Avand Azeez Agha, communications officer for the UN agency in Kabul.

They might move on again, he said, “as people seek sustainable opportunities.”


Pakistan raises over $4.2 billion in bond auction, launches first 15-year zero coupon issue

Updated 19 June 2025
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Pakistan raises over $4.2 billion in bond auction, launches first 15-year zero coupon issue

  • Muhammad Aurangzeb calls it a major step toward making Pakistan’s financial system resilient
  • He says the country is introducing new, smart ways of borrowing by giving investors more options

KARACHI: Pakistan raised more than Rs1.2 trillion ($4.2 billion) in a government bond auction on Wednesday, including the launch of its first-ever 15-year zero coupon bond, in a move the finance ministry said marked a shift toward longer-term and more diversified debt instruments.

The new zero coupon bond, which does not pay periodic interest but offers a lump sum at maturity, garnered strong investor demand and raised over Rs47 billion ($164.5 million).

The instrument is part of the government’s broader debt management strategy aimed at reducing short-term refinancing risk, encouraging Islamic finance and expanding the country’s long-term investment landscape.

“This is a major step forward in making Pakistan’s financial system stronger and more resilient,” the country’s finance minister, Muhammad Aurangzeb, said in a statement.
“We are introducing new, smart ways of borrowing that reduce risk and give investors more options,” he added. “Our aim is to manage public debt responsibly, promote Islamic finance and attract more long-term investment to support the country’s economic growth.”

The ministry noted the auction saw declining yields across other government securities, reflecting market optimism over moderating inflation and expectations of lower interest rates.

It said the average maturity of domestic debt had also risen from 2.7 years to 3.75 years, easing near-term repayment pressure.

The ministry noted the investor base was also broadening, with more participation from pension funds and insurance companies in addition to commercial banks.

It maintained the diversification helps distribute financial risk and deepen Pakistan’s local capital markets.

Officials also informed additional savings instruments for ordinary citizens, particularly Shariah-compliant bonds, are in development to foster retail investment and financial inclusion.

Despite ongoing global economic uncertainty, the ministry said the auction results reflect renewed investor confidence in Pakistan’s economic direction and reform efforts.


Trump hosts Pakistan army chief for unprecedented lunch, confirms Iran discussed

Updated 19 June 2025
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Trump hosts Pakistan army chief for unprecedented lunch, confirms Iran discussed

  • This was the first time in years that a Pakistani army chief was hosted by a sitting US president at the White House
  • Munir was widely expected to press President Trump not to enter Israel’s war with Iran and to seek a ceasefire

ISLAMABAD: US President Donald Trump on Wednesday hosted Pakistan’s army chief for lunch in an unprecedented White House meeting, after which he told reporters he was “honored” to meet Field Marshal General Asim Munir and that the two had discussed the ongoing Iran-Israel crisis.

This was the first time in many years that a Pakistani army chief was hosted by a sitting US president at the White House, highlighting Washington’s renewed interest in maintaining influence in South Asia as regional tensions flare.

After the schedule for the lunch was announced this week, Pakistani media widely speculated that Munir would press Trump not to enter Israel’s war with Iran and to seek a ceasefire. A section of Pakistan’s embassy in Washington represents Iran’s interests in the United States as Tehran does not have diplomatic relations with the US.

Munir’s White House meeting during the ongoing Mideast conflict has also fueled speculation in Islamabad that Washington could push Pakistan to align more openly with the US position, which has historically been supportive of Israel. Such pressure could complicate Pakistan’s delicate balancing act in the Middle East, where it maintains close ties with Iran and other Gulf partners and sympathizes with the Palestinian cause but seeks to avoid getting dragged into regional rivalries that could inflame tensions at home.

“Well, they [Pakistan] know Iran very well, better than most, and they’re not happy about anything [Iran-Israel conflict],” Trump said in response to a question by a reporter after his meeting with Munir on whether Iran came up in the discussion.

“It’s not that they’re better with Israel. They [Pakistan] know them both actually, but they probably, maybe, know Iran better, but they [Pakistan] see what’s going on. And he [Field Marshal General Asim Munir] agreed with me.”

Trump did not specify what the Pakistani general had agreed with him on, and went on to talk about last month’s military conflict between India and Pakistan that the US president has publicly claimed credit for ending with a ceasefire.

Nuclear-armed neighbors India and Pakistan engaged in their fiercest military conflict in decades between May 7-10, exchanging drones, missiles and artillery for nearly four days before Trump announced he had brokered a truce.

“The reason I had him [Munir] here, I wanted to thank him for not going into the war [with India], just, you know, ending the war,” Trump said, also giving credit to Indian Prime Minister Narendra Modi. “So, I was honored to meet him [Munir] today.”

Tensions between Israel and Iran have spiked sharply since last Friday when Israeli forces struck multiple targets including Iranian nuclear sites and senior officials. Iran retaliated with attacks on Israeli territory, raising fears of a wider Middle East war that could threaten global energy supplies and regional stability.

Pakistan, which shares a long border with Iran and maintains historic ties with Tehran, has repeatedly called for de-escalation and a ceasefire in the region. Defense Minister Khawaja Asif told Pakistan’s Geo TV that Munir’s White House visit would give the army chief a chance to share Pakistan’s perspective on the conflict and push Washington to help prevent further escalation.

Pakistan’s military plays a key role in shaping the country’s foreign policy, and Munir’s high-profile White House invitation is being seen as part of Washington’s broader effort to recalibrate ties with Islamabad, a vital but often difficult ally for the US in South Asia.

Local media in Pakistan reported that Munir’s visit had been arranged weeks in advance. Analysts say the rare top-level contact underscores how the US wants to maintain strategic leverage in a region shaped by the rivalries of three nuclear powers — China, India and Pakistan — and rising instability in the Middle East.


Pakistan secures $1 billion in ADB-backed financing from Middle Eastern banks

Updated 18 June 2025
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Pakistan secures $1 billion in ADB-backed financing from Middle Eastern banks

  • The loan aims to strengthen the country’s fiscal resilience, support reform momentum
  • The government says the deal signals renewed trust in Pakistan’s economic trajectory

KARACHI: Pakistan has signed a $1 billion syndicated term finance facility backed by Middle Eastern banks, marking its return to the region’s financial markets after more than two years, the finance ministry said on Wednesday.
The five-year facility is partially guaranteed by the Asian Development Bank (ADB) under its Policy-Based Guarantee program, which is linked to fiscal reforms undertaken by Pakistan to improve resource mobilization and economic stability.
The financing by the Middle Eastern banks is structured across Islamic and conventional tranches, with 89 percent of the total amount raised through a Shariah-compliant facility.
“This is a landmark transaction for the Government of Pakistan that demonstrates strong support from leading financiers in the region,” the finance ministry said in a statement.
It informed that Dubai Islamic Bank acted as the sole Islamic global coordinator, while Standard Chartered Bank served as mandated lead arranger and bookrunner.
Other financiers include Abu Dhabi Islamic Bank as mandated lead arranger, and Sharjah Islamic Bank, Ajman Bank and Pakistan’s Habib Bank Limited (HBL) as arrangers.
The deal marks the first time a facility has been backed by an ADB Policy-Based Guarantee linked to specific reform measures undertaken by a member country.
According to the ministry, the ADB’s support helped Pakistan attract significant interest from regional lenders and re-enter global capital markets at a critical time for the economy.
The government said the success of the transaction signals renewed trust in Pakistan’s fiscal outlook and macroeconomic trajectory, marking the beginning of a new partnership with Middle Eastern banks.
Pakistan, which has faced persistent external financing gaps in recent years, has relied on friendly nations and global lenders to stabilize its balance of payments and rebuild investor confidence.
The ADB-backed facility is intended to help strengthen fiscal resilience while supporting economic reform momentum.