KARACHI: Pakistan’s stocks and currency closed bullish on Monday as the country announced progress in negotiations with the International Monetary Fund (IMF) for the revival of a loan program that originally amounted to $6 billion but could further increase in size.
The IMF confirmed it held “productive meetings” with Pakistani officials, saying its mission chief Nathan Porter would visit the country in May to resume discussions over the seventh review under the program before the fund released the next tranche.
Negotiations between the two sides over the seventh review had stalled after former prime minister Imran Khan’s administration deviated from the program objectives by announcing subsidized fuel prices and electricity tariffs in February.
Pakistan’s finance minister Miftah Ismail told a news conference in Washington the IMF had agreed in principle to extend the bailout package for Pakistan for another year and add $2 billion to the total loan size.
The bulls celebrated the news at the Pakistan Stock Exchange, making the market gain 520 points to close at 46,073 against the weekend session’s bearish close on Friday.
“Stocks showed a sharp recovery while responding to reports of the IMF program extension for a year along with an addition of $2 billion to the $6 billion Extended Fund Facility,” Ahsan Mehanti, CEO of Arif Habib Corporation, told Arab News.
Following the successful IMF talks, Pakistan’s national currency also posted slight gains, with 0.38 percent appreciation.
The rupee closed at Rs186.05 as compared to Saturday’s close of Rs186.75 against the US dollar.
The IMF mission chief for Pakistan said in a statement his team had held fruitful meetings with the Pakistani finance minister.
“We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review,” Porter continued. “Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review.”
The breakthrough in talks can potentially lead to an inflow of $1 billion from the IMF, as the seventh review concludes.
“Other bilateral financing avenues, including the World Bank, could also materialize and unlock an additional $1.8 billion to $2 billion in financing,” KASB Securities said in its research report on Monday, adding: “A successful conclusion of the 7th review could provide a near-term respite to the PKR/USD parity.”
The south Asian country is facing financial constraints after the costly imports lifted the current account deficit to $1 billion in March 2022 with accumulated deficit to $13 billion during the current fiscal year.
The annual inflation rate during the month of March also increased to 12.7 percent, as compared to 12.24 percent in February, due to higher food prices.
Pakistan’s stocks and currency close bullish after headway in IMF talks
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Pakistan’s stocks and currency close bullish after headway in IMF talks
- The country’s equities and currency made 1.14 percent and 0.38 percent gains during Monday’s trading sessions
- IMF officials will visit Pakistan in May to resume discussions over the seventh loan program review
Pakistan’s T20 league kicks off in Rawalpindi with a glittering opening ceremony
- Fans filled the stadium for musical performances ahead of Islamabad-Lahore opener
- PCB begins offering Urdu commentary on streaming platforms to expand outreach
ISLAMABAD: The 10th edition of the Pakistan Super League (PSL) began on Friday with a vibrant opening ceremony in Rawalpindi, as fans packed the stadium for a night of music and cricket ahead of the tournament opener between Islamabad United and Lahore Qalandars.
The glitzy launch featured performances by major Pakistani artists including Abida Parveen, Ali Zafar, Abrar-ul-Haq, Natasha Baig and the Young Stunners, marking the first time the PSL’s opening event was held at the Rawalpindi Cricket Stadium.
“The stage is set — now we’re just waiting for you!” the official PSL account posted on X, calling the event “a celebration of cricket” as the season got underway.
Islamabad United, three-time champions, won the toss and opted to field against defending champions Lahore Qalandars in the first match of the 34-game tournament.
The six-team competition will continue through May 18, with matches scheduled in Rawalpindi, Karachi, Lahore and Multan.
In a move to broaden accessibility, the Pakistan Cricket Board (PCB) has decided to provide full-match Urdu commentary on various streaming platforms, aiming to reach more than 75 million users nationwide.
PCB CEO Salman Naseer said the initiative would help extend the PSL’s reach to a wider audience, describing the 10th season as a milestone in the league’s journey.
Launched in 2016, the PSL has grown into Pakistan’s premier domestic T20 competition.
The league is expected to expand from six to eight teams after the 2025 edition, as part of its long-term development plan.
Pakistan PM ends ‘monumental’ Belarus visit as both sides sign defense, trade and environmental pacts
- Shehbaz Sharif says Belarus will welcome over 150,000 skilled Pakistani workers for ‘nation-building’
- He also calls for a direct air link between both countries along with deeper mining and agricultural ties
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday concluded what he called a “monumental” two-day visit to Belarus, during which both countries signed a series of agreements and memorandums of understanding (MoUs) aimed at boosting cooperation in defense, commerce, environmental protection and other key sectors.
Sharif held talks with Belarusian President Aleksandr Lukashenko in Minsk to review bilateral ties, as delegation-level talks were also held between the two sides encompassing discussions on bilateral cooperation as well as regional and international issues.
According to state media, Pakistan and Belarus signed a cooperation accord between their interior ministries along with a roadmap for military-technical collaboration between 2025 and 2027.
Agreements were also inked on defense cooperation, environmental protection, postal services, trade development, business support and coordination between trade bodies, the Associated Press of Pakistan said.
“A monumental day in Pakistan-Belarus ties,” Sharif said in a post on social media while sharing details of his visit.
“Highlights of our talks included the agreement to send over 150,000 highly skilled Pakistani workers to contribute to nation-building efforts in Belarus; enhanced cooperation in agriculture and food security; and potential joint ventures in the manufacturing of electric buses and agricultural machinery — steps that will help transform our enduring bond of friendship into a lasting partnership.”
Pakistan has in recent months intensified efforts to expand economic cooperation with a number of countries in and around the region, aiming to leverage its location as a transit hub for trade and earn foreign exchange.
Addressing a ceremony in Minsk, Sharif said Belarus was a leader in equipment manufacturing for the mining sector and Pakistan stood to gain from closer industrial cooperation.
“There is no reason why we shouldn’t benefit from your experience,” he continued, pointing to Pakistan’s vast mineral resources.
He also emphasized the value of establishing a direct air link between the two countries and thanked Lukashenko for his willingness to welcome skilled Pakistani labor.
Sharif also spoke of strengthening Pakistan’s agriculture sector with mutual cooperation, saying 65 percent of the country’s population lived in rural areas.
“We need your expertise,” he said. “We need to have joint ventures between Belarus and Pakistani companies to manufacture agricultural equipment in Pakistan so we can offer to the farmers at very economical rates, both companies from Belarus and Pakistan, they will have win-win situation.”
In recent years, trade between Belarus and Pakistan has ranged from $50 to 65 million annually, though recent official visits have raised hopes for increased commercial exchange.
Later, Sharif met with Belarusian parliamentary leaders and agreed to deepen inter-legislative cooperation.
“Prime Minister Shehbaz Sharif has concluded his two-day official visit to Belarus and left for home,” the Government of Pakistan said in a social media post toward the end of the day. “He was seen off at Minsk International Airport by Prime Minister Alexander Turchin, Foreign Minister Maksim Ryzhenkov and officials of the Pakistani embassy.”
US education body urges Pakistani students to choose American universities amid visa concerns
- US education body urges Pakistani students to choose American universities amid visa concerns
- It says several US government-funded programs, including the Fulbright scholarship, still remain in place
ISLAMABAD: The United States Educational Foundation in Pakistan (USEFP) said on Friday it encouraged Pakistani students to choose American universities, adding that US-funded exchange programs, including the Fulbright scholarship, remained operational despite broader aid cuts under President Donald Trump.
The statement comes amid rising concern over the cancelation of student visas in the US, which has led to the abrupt departure of hundreds of international students.
Some universities reported that students were asked to leave immediately after learning, in some cases via text or email, that their visas had been revoked.
Several social media posts suggested recently Pakistani students were among those affected, prompting the country’s foreign office to say a day earlier it was seeking details from its missions in the US and would offer assistance to those impacted.
“The United States and USEFP remain committed to promoting the strong and enduring people-to-people ties between the United States and Pakistan,” USEFP said in a statement. “The United States proudly hosts 11,000 Pakistani students at US universities, and we encourage Pakistanis to continue to choose the United States for higher education opportunities.”
The organization clarified that 54 Pakistani students currently studying in the US under the Global Undergraduate Exchange Program would complete their education as planned and continue receiving stipends and related benefits.
“A number of US Government-funded exchange programs remain in place and are available to Pakistanis, including the Fulbright Program,” the statement added. “Fulbright participants in the United States continue to receive their stipends. Assertions that the Fulbright Program has been terminated or that students will be left stranded in the United States are false.”
However, USEFP said the US Department of State was conducting a global review of exchange programs to align them more closely with the new administration’s priorities and would share updates as available.
UN to cut 20 percent of humanitarian staff amid funding shortfall, scale back operations in Pakistan
UN to cut 20 percent of humanitarian staff amid funding shortfall, scale back operations in Pakistan
- UN aid chief Tom Fletcher cites a $58 million shortfall after major funding cuts by the US
- Fletcher says the agency will focus its resources by operating in fewer locations than before
UNITED NATIONS: The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) will cut 20 percent of its staff as it faces a shortfall of $58 million, UN aid chief Tom Fletcher has told staff after OCHA’s largest donor — the United States — cut funding.
“OCHA currently has a workforce of around 2,600 staff in over 60 countries. The funding shortfall means we are looking to regroup to an organization of around 2,100 staff in fewer locations,” Fletcher wrote in a note to staff on Thursday.
OCHA works to mobilize aid, share information, support aid efforts, and advocate for those in need during a crisis. It relies heavily on voluntary contributions.
“The US alone has been the largest humanitarian donor for decades, and the biggest contributor to OCHA’s program budget,” Fletcher said, noting that its annual contribution of $63 million would have accounted for 20 percent of OCHA’s extrabudgetary resources in 2025.
Since returning to office in January for a second term, US President Donald Trump’s administration has slashed billions of dollars in foreign assistance in a review that aimed to ensure programs align with his “America First” foreign policy.
UN Secretary-General Antonio Guterres last month announced a new initiative to improve efficiency and cut costs as the world body turns 80 this year amid a cash crisis.
Fletcher said OCHA would “focus more of our resources in the countries where we work,” but would work in fewer places.
“OCHA will scale back our presence and operations in Cameroon, Colombia, Eritrea, Iraq, Libya, Nigeria, Pakistan, Gaziantep (in Turkiye) and Zimbabwe,” Fletcher said.
“As we all know, these exercises are driven by funding cuts announced by Member States and not by a reduction of needs,” he said. “Humanitarian needs are on the rise and have perhaps never been higher, driven by conflicts, climate crises, disease, and the lack of respect of international humanitarian law.”
Thousands rally across Pakistan against Israeli airstrikes in Gaza, urge Muslim states to act
- Jamaat-e-Islami, the country’s key religio-political party, called the protest across Pakistan
- JI chief urges building a strong pro-Palestine movement and preparing for a nationwide strike
KARACHI: Thousands of supporters of a prominent Pakistani religio-political party poured into the streets of Lahore and other major cities on Friday to protest Israel’s military strikes in Gaza, with their leaders demanding urgent action from Muslim states to stop the bloodshed.
The call for nationwide demonstrations came from Jamaat-e-Islami (JI) after intensified conflict in Gaza, which began in October 2023. International efforts for a ceasefire have not held, with reports indicating the Palestinian death toll has surpassed 50,000, with a significant number of women and children among the casualties.
Pakistan has long advocated for an independent Palestinian state based on pre-1967 borders with Al-Quds Al-Sharif as its capital and does not recognize Israel.
Addressing a large gathering in Lahore, the JI chief, Hafiz Naeem-ur-Rehman, urged Muslim leaders to get united.
“Liberating this occupied land is the duty of every Muslim,” he said. “When our paths are blocked [as individuals], it becomes the responsibility of [Muslim] rulers and their armies. Even a small step forward can lead to a ceasefire.”
In his speech, Rehman emphasized the historical and ideological connections between Pakistan and Palestine, remembering how his country's founder, Muhammad Ali Jinnah, made them clear.
“When Israel was imposed as an illegitimate entity [over Palestinian territory and people] in 1948, Quaid-e-Azam [Jinnah] said that Israel was the illegitimate child of the West, a tool created for their use,” he continued.
The JI chief also highlighted the engagement of Dr. Muhammad Iqbal, Pakistan’s national poet-philosopher, with the Palestinian issue, mentioning his attendance at a conference in Palestine in 1931.
“That is the foundation of Pakistan’s connection with Palestine, and it was a stated policy of our country that we promised never to recognize Israel,” he added. “So, if anyone talks about a two-state solution, or speaks in favor of Israel in secrecy, we want to make it clear that there is only one state — the state of Palestine — and it is under occupation.”
Rehman called for sustained public pressure on governments around the world, hoping it would force them to address the issue.
“Pressurize your government through public protest,” he said. “Protests have erupted in Bangladesh, in India and across Europe and America — people are rising. Don’t let this flame of resistance die. Be ready for the struggle.”
He maintained he would consult religious scholars and speak with other parties to unite for a powerful movement.
“We are already in communication with the Palestinian leadership. One day, we will call for a complete nationwide strike across Pakistan,” he said, appealing to traders and the general public to prepare for future mobilization and boycott of Israeli and Western products.
“We do not stand with the oppressors,” he continued. “The Palestinian resistance is legitimate under the UN Charter.”
Meanwhile, in Karachi, hundreds gathered outside the Bait-ul-Mukarram Mosque in the Gulshan-e-Iqbal neighborhood, where the city’s JI chief, Munem Zafar, addressed the protesters.
“The massacre in Gaza continues unabated. Zionist forces are committing genocide. Over 60,000 people have been martyred in the last 18 months,” he said, adding that 90 percent of Gaza’s infrastructure had been destroyed by Israeli airstrikes.
Zafar announced a “Solidarity with Gaza March” to be held in Karachi on April 13 along Sharah-e-Faisal, to be led by Rehman, the party’s central chief.
“We want to awaken the conscience of the Muslim rulers,” he said. “We urge families — children, elders, women — to join in large numbers.”
The party also called for a boycott of goods produced by companies supporting Israel.
Hundreds of protests were also held outside various mosques after the Friday prayer congregations in Karachi and other Pakistani cities on JI’s call.
