Former central bank chief Shamshad Akhtar assumes charge as Pakistan’s caretaker finmin

Former Pakistan central bank chief Dr. Shamshad Akhtar (right) gestures at a briefing session in the Ministry of Finance as she assumes charge of caretaker finance minister in Islamabad on August 17, 2023. (Photo courtesy: Ministry of Finance)
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Updated 18 August 2023
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Former central bank chief Shamshad Akhtar assumes charge as Pakistan’s caretaker finmin

  • Akhtar’s appointment comes as Islamabad aims to continue reforms agreed with the IMF
  • The caretaker finance minister vows to ensure fiscal discipline, address income inequality

ISLAMABAD: Dr. Shamshad Akhtar, former Pakistan central bank chief, on Thursday assumed charge as the caretaker finance minister of the South Asian country, the Finance Division said, following an oath-taking of the 16-member interim cabinet that would run the country until the general elections due later this year.

Akhtar, who holds a Ph.D. in Economics, served as the first woman governor of the State Bank of Pakistan from 2006 till 2009. Prior to her appointment as the SBP chief, the veteran economist served at multiple positions at the Asian Development Bank (ADB) and the World Bank. She has presented numerous papers on economics and finance at international conferences and symposia.

Her appointment comes at a time when Pakistan is facing daunting challenges on the economic front and barely averted a sovereign default in June by securing a $3 billion bailout deal with the International Monetary Fund (IMF). The IMF requires the South Asian country to continue with the reforms agreed with the lender to keep receiving the loan tranches in order to keep the economy afloat.

“Dr. Shamshad Akhtar arrived at the Finance Ministry and officially took over the responsibility of Caretaker Finance Minister of Pakistan after taking oath at the Presidency,” the Finance Division said in a statement.

“On her arrival at the Finance Ministry, she was warmly welcomed by Secretary Finance and senior officials of the Ministry. Later, Secretary Finance and his team gave a detailed briefing on the economic situation and trends of major financial economic indicators of the country.”

Upon assuming her new role, the statement said, Akhtar expressed her dedication to ensuring fiscal discipline, promoting investment and bolstering efforts to address income inequality in the country.

Meanwhile, Caretaker Prime Minister Anwaar-ul-Haq Kakar allocated portfolios to the newly-appointed federal ministers, advisers and special assistants.

Senator Sarfaraz Ahmed Bugti was given the portfolio of interior, narcotics control, overseas Pakistanis and human resource development; Jalil Abbas Jilani foreign affairs; Lt. Gen (retired) Anwar Ali Hyder defense production; Murtaza Solangi information and broadcasting; Sami Saeed planning and development; Shahid Ashraf Tarar communications, maritime affairs and railways; Ahmad Irfan Aslam law and justice, climate change, water resources; Muhammad Ali power and petroleum; Gohar Ejaz commerce, industries and production; Umar Saif information technology, telecommunication and science and technology; Nadeem Jan national health services; Khalil George human rights; Aneeq Ahmed religious affairs; Jamal Shah national heritage and culture; and Madad Ali Sindhi education and professional training, according to the PM’s office.

The prime minister also appointed Air Marshal (retired) Farhat Hussain as adviser for aviation, Ahad Khan Cheema adviser for establishment and Dr. Waqar Masood Khan as adviser for finance. Syeda Arifa Zehra, Vice Admiral (retired) Iftikhar Ahmad Rao, Wasih Shah, Mishal Hussain Malik and Muhammad Jawad Sohrab Malik were appointed special assistants.


Barrick’s Reko Diq project in Pakistan aims for $2 billion international financing

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Barrick’s Reko Diq project in Pakistan aims for $2 billion international financing

  • Funding will support the development of the Reko Diq mine, one of the world’s largest underdeveloped copper-gold deposits
  • Mines, owned by Pakistan and Barrick’s jointly, is expected to generate $70 billion in free cash flow, $90 billion in operating cash flow

KARACHI: Barrick Gold’s Reko Diq copper and gold project in Pakistan intends to lock in upwards of $2 billion in financing from international lenders, with term sheets signed by early Q3, its project director for the mine told Reuters on Tuesday.
The funding will support the development of the Reko Diq mine, one of the world’s largest underdeveloped copper-gold deposits, which is hoped to generate $70 billion in free cash flow and $90 billion in operating cash flow.
Barrick Gold and the governments of Pakistan and Balochistan own the project jointly.
The financing for phase one of the project, which is expected to start production in 2028, is being discussed with multiple lenders.
In an interview with Reuters at the Pakistan Minerals Investment Forum 2025, the Reko Diq’s Project Director, Tim Cribb, said the mine is looking at $650 million from the International Finance Corporation and International Development Association.
Cribb added that the mine is also in talks with the US Export-Import Bank for $500 million to $1 billion in financing, as well as $500 million from development finance institutions including the Asian Development Bank, Export Development Canada, and Japan Bank for International Cooperation.
“We expect to close the term sheet in either late Q2 or early Q3,” said Cribb.
He said railway financing talks are underway with the IFC and other lenders, with infrastructure costs estimated at $500-800 million, with roughly be $350 million as initial cost.
A recent feasibility study has upgraded the project’s scope, with phase one throughput increasing to 45 million tons per annum from 40 million, and phase two throughput rising to 90 million tons per annum from 80 million.
The mine life has been revised to from 42 years to 37 years due to the rising throughput, although the company believes unaccounted-for minerals could extend the life to 80 years. The cost of phase one has also been revised upwards to $5.6 billion from $4 billion.
The World Bank plans to invest $2 billion annually in Pakistan’s infrastructure over the next decade.
The lenders are expected to secure offtake agreements, with potential clients including countries in Asia such as Japan and Korea, as well as European nations like Sweden and Germany, which are looking to secure copper supplies for their industries, Cribb said.


Pakistan’s cybercrime law being used as ‘tool’ against freedom of expression, journalists — watchdog 

Updated 42 min 2 sec ago
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Pakistan’s cybercrime law being used as ‘tool’ against freedom of expression, journalists — watchdog 

  • Freedom Network releases data analysis for March 2025 documenting eight instances of threats against journalists
  • Pakistani officials say amended Prevention of Electronic Crimes Act is not being used to censor the press

KARACHI: The Prevention of Electronic Crimes Act (PECA) is being used as a “tool” by state authorities to suppress freedom of expression and target journalists, the Freedom Network, a Pakistani media and development sector watchdog, said on Tuesday.

The body released a data analysis for March 2025 documenting eight instances of threats against journalists, with three cases directly involving the contentious PECA legislation, according to the report compiled by the watchdog.

Enacted in 2016 and further tightened with amendments this January, PECA was drafted with the stated aim to combat cybercrimes such as hacking, online harassment, and data breaches. However, journalists, human rights advocates and media bodies have widely voiced concerns that state authorities are using the law’s broad provisions to silence dissenting voices and control digital platforms. Government officials have variously denied PECA is a censorship tool. 

The Freedom Network’s report, based on data from its Pakistan Press Club Safety Hubs Network, which collaborates with major press clubs nationwide, highlights what it described as a “worrying” trend of legal actions, arrests, enforced disappearances, censorship, attacks on journalists’ residences, and physical assaults.

“The amended PECA law is proving as harmful for freedom of expression and journalism as the coronavirus was for human beings,” Iqbal Khattak, Executive Director of the Freedom Network, told Arab News. “It is a tool given in the hands of state authorities to question any post, any report and any expression.”

Among the highlighted cases registered under PECA is the arrest of Karachi-based journalist Farhan Malik, the founder of the Raftar online news channel. Malik was arrested by the Federal Investigation Agency (FIA) Cyber Crime Wing on Mar. 20 after being summoned for an inquiry and was subsequently charged under multiple sections of PECA and the Pakistan Penal Code for allegedly running programs and publishing content deemed to be “against state institutions.” 

Malik was released on bail on Monday.

Another case involves Zahid Sharif, the administrator of the ZSR Digital Facebook page in Bhakkar, Punjab province. Sharif was charged under PECA and other laws after he posted a statement and images of a woman accusing local police of assault. 

The Freedom Network report also details other forms of threats against journalists in March 2025 including the alleged enforced disappearance of journalist Asif Karim Khetran in the southwestern Balochistan province, the censorship of an interview critical of the military on The Centrum Media (TCM) platform, and anchorperson Paras Jehanzeb’s current affairs news show being put off air. The report also highlights the alleged abduction of investigative journalist Ahmad Noorani’s brothers in Islamabad after he published a controversial report about the Pakistan army chief’s family. 

Information Minister Ataullah Tarar has defended the PECA bill, saying it would “not harm but protect working journalists.”

“This is the first time the government has defined what social media is,” he told reporters after the amended law was passed earlier this year.

“There is already a system in place for print and electronic media and complaints can be registered against them.”

Tarar said “working journalists” should not feel threatened by the bill, which had to be passed because the Federal Investigation Agency, previously responsible for handling cybercrime, “does not have the capacity to handle child pornography or AI deep fake cases.”

Tarar said the government was also aiming to bring social media journalists, including those operating YouTube accounts, under the tax framework.

The operative part of the new bill outlines that a newly established Social Media Protection and Regulatory Authority would have the power to issue directions to a social media platform for the removal or blocking of online content if it was against the ideology of Pakistan, incited the public to violate the law or take the law in own hands with a view to coerce, intimidate or terrorize the public, individuals, groups, communities, government officials and institutions, incited the public to cause damage to governmental or private property or coerced or intimidated the public and thereby prevented them from carrying on their lawful trade and disrupted civic life.

The authority can also crack down on anyone inciting hatred and contempt on a religious, sectarian or ethnic basis as well as against obscene or pornographic content and deep fakes. 

Rights activists say the new bill is part of a widespread digital crackdown that includes a ban on X since February last year, restrictions on VPN use and the implementation of a national firewall. 

The government says the measures are not aimed at censorship.


Pakistan urges Hajj pilgrims to follow Saudi Arabia’s laws 

Updated 49 min 3 sec ago
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Pakistan urges Hajj pilgrims to follow Saudi Arabia’s laws 

  • Pakistan’s religion ministry launches second phase of mandatory training for Hajj pilgrims 
  • Pakistan to conduct mandatory vaccinations of Hajj pilgrims on Apr. 20, says ministry 

ISLAMABAD: Religious Affairs Minister Sardar Muhammad Yousaf on Tuesday urged Pakistani Hajj pilgrims to follow Saudi Arabia’s laws during their stay in the Kingdom and consider themselves as ambassadors of their country. 
The minister was speaking at a Hajj training workshop in Islamabad organized by the Religious Affairs Ministry, as Pakistan launched the second phase of its mandatory training for Hajj pilgrims on Tuesday. 
Pakistan conducted its first phase of Hajj training in January that continued across the country until late February, with intending pilgrims trained via audio-visual devices and other materials. 
“Hajj pilgrims are going as ambassadors of Pakistan, take care of the laws there,” Yousaf was quoted as telling pilgrims at the workshop. 
“Do not do anything that will bring disrespect to your country,” he added. 
He lauded the Saudi government for making impressive arrangements for pilgrims, describing the Kingdom as a “brotherly country.” 
Yousaf said Pakistani officials had reviewed Hajj arrangements in the Kingdom, vowing that pilgrims would not suffer any unpleasant experiences. 
The minister said that mandatory vaccinations of Pakistani Hajj pilgrims would be conducted on Apr. 20. 
Hajj pilgrims must comply with strict vaccination requirements set by the Saudi Ministry of Health to ensure public safety during one of the world’s largest annual gatherings. 
Mandatory vaccines include the meningitis shot, with additional recommendations for the seasonal influenza vaccine, while travelers from regions prone to yellow fever and polio must also provide corresponding immunization certificates. 
These precautions are vital to prevent the spread of infectious diseases among millions of pilgrims converging in the Kingdom from across the globe. 
Yousaf said last week around 90,000 Pakistanis are expected to perform Hajj this year under the government scheme. Saudi Arabia has allowed Pakistan a quota of 179,210 pilgrims for the Hajj, which is split equally between government and private schemes. 


Pakistan invites investments from Saudi Arabia, China, US in $6 trillion minerals sector

Updated 08 April 2025
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Pakistan invites investments from Saudi Arabia, China, US in $6 trillion minerals sector

  • Government officials, heads of private companies from various countries attend two-day mineral summit in Pakistani capital
  • PM says Pakistan won’t allow raw materials to be shipped out, invites investors to install industries to export finished products

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday invited Saudi Arabia, China, the EU, United States and other countries to invest in Pakistan’s vast mineral sector, as the country seeks international financing for its natural reserves estimated to be worth $6 trillion. 

Pakistan’s mineral sector, despite rich reserves including salt, copper, gold, and coal, contributes only 3.2 percent to the GDP and 0.1 percent to global mineral exports. Pakistan is hoping to tap the sector’s underutilized potential and is currently hosting the second annual Pakistan Minerals Investment Forum, with government officials and heads of private sector companies from Saudi Arabia, China, the US and a host of other nations in attendance. 

Pakistan is home to one of the world’s largest porphyry copper-gold mineral zones, while the Reko Diq mine in southwestern Balochistan has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy. 

“Here we have our brothers from Saudi Arabia, from Qatar, from UAE and other countries, and of course, ambassadors from Europe and North America and Far East, China,” Sharif said in his address at the mineral summit.

“I think this is an opportunity which we must convert into reality, not through borrowing more loans, but coming up with feasibilities and solid evidence of partnership which will result into a win-win partnership.

“Today there is a dearth of rare earth material around the globe and I would like to invite, on my behalf, on behalf of my government and provincial governments, all potential investors in Pakistan and abroad … We can certainly convert this into an opportunity like never before.”

During a panel discussion at the forum, Abdulrahman AlBelushi, Saudi Arabia’s deputy minister for mineral resources management, said the Kingdom wanted to achieve “new heights and new opportunities” in the minerals sector in partnership with Pakistan.

“A lot of expertise is shared and aligned between these two nations,” AlBelushi said.

“[Attending the summit] we have the CEO of the Saudi Geological Survey, the CEO of the National Mineral Program, we have representatives from the Ministry of Investment, representatives from the Saudi Fund for Development and the EXIM Bank of Saudi Arabia.”

Pakistan is also expected to unveil a new National Minerals Harmonization Framework 2025 at the minerals summit, with the PM highlighting future policy changes, including that the country would not allow raw materials to be shipped but investors would need to install industries in the country to export finished products.

“From today onwards, it has to be a very integrated policy where you mine raw materials, have a downstream industry, convert them into finished and semi-finished goods, and then export them out,” Sharif said. 

The prime minister said Pakistan’s deposits of natural resources were worth trillions of dollars, which it needed to “harvest” to escape a prolonged economic crisis, which has pushed it to engage in 25 IMF bailout programs since joining the fund, with the most recent being a $7 billion loan approved in September 2024.


Pakistan journalist unions threaten protest as Azad Kashmir charges newspaper over ‘fake news’

Updated 23 min 17 sec ago
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Pakistan journalist unions threaten protest as Azad Kashmir charges newspaper over ‘fake news’

  • Azad Kashmir government accuses Daily Jammu & Kashmir of publishing “fake” report about formation of a paramilitary force in region
  • Last year, government passed controversial amendment to region’s Penal Code, making public criticism of government officials punishable offense

ISLAMABAD: Leading Pakistani journalist unions this week threatened to launch protests over the government in Azad Kashmir registering a case against a prominent local newspaper on charges of spreading “fake news” and “negative propaganda” against state authorities. 

The Daily Jammu & Kashmir is an Urdu-language newspaper based in the area’s capital, Muzaffarabad, and describes itself as the oldest newspaper in Azad Kashmir, the part of the Himalayan valley that is administered by Pakistan as a nominally self-governing entity. It constitutes the western portion of the larger Kashmir region, which has been the subject of a dispute between India and Pakistan since 1947. 

Last year, the Azad Kashmir government passed a controversial amendment to Section 505 of the region’s Penal Code of 1860, making public criticism of government officials a punishable offense, with penalties including a minimum of 7 years in prison.

As per a copy of the complaint filed by the Azad Kashmir Home Department Affairs on Apr. 6, the Mar. 26 and 28 editions of the newspaper had published a report with incorrect details about a new paramilitary Rangers force being raised to manage security in several parts of the territory. 

The home department accused the publication of spreading “fake news and negative propaganda” that was damaging to the government and public order and registered cases under several sections of the Azad Penal Code (APC) that relate to offenses such as defamation and public criticism of government officials. 

“If this case is not withdrawn, then we will begin our protest movement,” Afzal Butt, president of the Pakistan Federal Union of Journalists (PFUJ), said in a video message.

“This will begin from every village and city in Azad Kashmir to all of Pakistan’s provinces and capital.”

Butt said as per his knowledge, this was the first police case registered against a newspaper in the history of Azad Kashmir. 

The Rawalpindi Islamabad Union of Journalists (RIUJ) separately condemned the case, calling it an “open attack on the freedom of press and a cowardly act.”

“RIUJ demands that the FIR against Daily Jammu & Kashmir be withdrawn immediately,” RIUJ President Tariq Ali Virk said in a statement. “The RIUJ leadership has said that if such authoritarian tactics are not stopped, a protest plan will be prepared soon.”

The central Pakistan government has always kept a tight grip on Azad Kashmir but calm in the region was shaken last year when four people were killed and over 100 injured in clashes between protesters and law enforcers over inflation. 

The protests were called off days later after Prime Minister Shehbaz Sharif approved a grant of $86 million to help meet most of the protesters’ demands, which included subsidies on flour and electricity prices.

Through the decades, Pakistan and India, nuclear-armed neighbors, have intermittently rained mortars, shells and small arm fire on each other alone the Line of Control (LOC), a 740-km (460-mile) de facto border that cuts Kashmir into two.

Since early 2021, the LOC has been mostly quiet, following the renewal of a ceasefire agreement between India and Pakistan. But the broken diplomatic ties between India and Pakistan, who fought two of their three wars over Kashmir, continue to cast a dark shadow over the region.