Pakistan’s finance minister unveils centralized gateway portal to boost country’s debt market

A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. (REUTERS/File)
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Updated 22 September 2023
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Pakistan’s finance minister unveils centralized gateway portal to boost country’s debt market

  • The platform will streamline investor onboarding process and enhance convenience of market intermediaries
  • The portal will be a major part of Pakistan’s financial infrastructure and will list government debt securities

ISLAMABAD: Pakistan’s interim finance minister Dr. Shamshad Akhtar inaugurated a centralized gateway portal (CGP) on Friday, saying it would help develop debt market in the country by listing government securities to promote retail participation, transparency, savings channelization, and overall market growth.

Debt or bond markets constitute financial arenas in which people buy and sell various types of debt securities representing loans made by investors to entities such as governments, corporations, or other organizations.

These securities are typically issued with the promise of periodic interest payments to bondholders and the repayment of the principal amount at maturity.

According to a statement released by the Securities and Exchange Commission of Pakistan (SECP), the CGP is a novel financial initiative to facilitate simultaneous onboarding of investors and customers across the securities market, the nonbank financial companies’ sector, and the insurance industry.

The platform features standardized, one-time know-your-customer requirements across diverse asset classes.

“Dr. Shamshad Akhtar, the Federal Minister for Finance & Revenue, said that the securities market can play a vital role in the development of debt market through the listing of government debt securities on PSX [Pakistan Stock Exchange],” said the SECP statement.

Addressing the inauguration ceremony, Akhtar said the issuance of securities through public auctions at PSX would facilitate greater transparency.

“One of the key issues undermining the growth of capital markets is the lack of liquidity which is directly attributable to the small number of investors,” she was quoted as saying.

The minister said the CGP would provide immense opportunities to investors and great convenience to market intermediaries by removing duplications and streamlining the customer onboarding process.

However, she noted the successful CGP launch should not be deemed the end of the project.

“Having developed this promising digital platform, we are now faced with the critical part of realizing the potential it offers,” she continued. “This requires focused marketing efforts and promotion on the part of the PSX and other stakeholders like brokers, insurance companies, and AMCs [asset management companies].”

The minister pointed out that attracting new investors in the capital market should be one of the primary objectives, adding it would require coordinated efforts from all capital market infrastructure institutions, market intermediaries and brokerage houses under the SECP guidance.


Afghan refugee leaders urge Pakistan to reassess expulsions ahead of Eid deadline

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Afghan refugee leaders urge Pakistan to reassess expulsions ahead of Eid deadline

  • The government has decided to begin expelling refugees holding Afghan Citizen Cards from April
  • UN data suggest around 800,000 of the 2.8 million Afghans in Pakistan face imminent deportation

KARACHI: Refugee leaders in Karachi on Saturday urged the Pakistani authorities to reconsider their plan to expel Afghan nationals, saying the prospect of deportation during Eid was the harshest blow they could expect from a country that had generously hosted them for nearly five decades.
Earlier this month, the government announced that Afghan Citizen Card (ACC) holders must leave Pakistan by March 31, a deadline expected to coincide with Eid al-Fitr.
According to UN data, Pakistan hosts more than 2.8 million Afghans, many of whom fled decades of war and instability in their home country. Around 1.3 million of them are formally registered as refugees and hold Proof of Registration (PoR) cards, which grant them legal protections.
Another 800,000 Afghans possess ACCs, a separate identity document issued by the Pakistani government that recognizes them as Afghan nationals without offering refugee status.
With the government now requiring ACC holders to leave by March 31, a deadline expected to coincide with Eid al-Fitr, nearly 800,000 Afghans, including an estimated 65,000 in Karachi, face the prospect of being forcibly returned to a country many have never even seen.
“We appeal to the government of Pakistan to reconsider its decision to expel Afghans holding Afghan Citizen Cards,” said Haji Abdullah Shah Bukhari, chairman of the refugee community in Sindh, at a news conference in Karachi.
“Pakistan has generously hosted us for nearly 47 years, and a large portion of these refugees were born in Pakistan,” he continued. “Even if the government decides to expel us, it should not be done during Eid.”
Bukhari urged the authorities to allow more time for refugees to prepare, warning that many would be forced to live in tents in Afghanistan, where they have no homes to return to.
Islamabad has previously attributed militant attacks and other crimes to Afghan nationals, who make up the largest share of migrants in the country. The government claims that militants, particularly from Tehreek-e-Taliban Pakistan (TTP), operate from safe havens in Afghanistan and maintain ties with Afghans living in Pakistan to stage cross-border attacks. Kabul has consistently denied these accusations.
Bukhari, however, stressed that Afghan refugees in Pakistan had no links to militant violence in the country.
“We ourselves are victims of war and terrorism,” he said.
Mufti Rahim Ullah, another refugee elder, said his fellow nationals consider Pakistan their home.
“I arrived in Pakistan over three decades ago with my parents. I married a refugee woman born in Pakistan, and all my children were born and raised here. Pakistan is our country, and we love it. We condemn anyone who wants to harm Pakistan,” he said, adding that fear had gripped refugee settlements across Karachi.
Agha Syed Mustafa, another Afghan national and school principal, said law enforcement agencies lacked clarity during crackdowns, leading to the harassment of all of his community members, including those holding PoR cards.
“There should be clarity, and any operation should be conducted in consultation with the local [Afghan] community,” he said.
Mustafa urged the government to urgently review the deportation decision and allow refugees more time.
“They should be given more time so that they can plan their return to Afghanistan,” he said.


Pakistan PM greets Gulf leaders ahead of Eid, discusses trade and investment

Updated 29 March 2025
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Pakistan PM greets Gulf leaders ahead of Eid, discusses trade and investment

  • Shehbaz Sharif called the top leaders of Qatar and Oman and discussed bilateral relations
  • Qatar will send a delegation to Pakistan to evaluate investment options immediately after Eid

ISLAMABAD: Prime Minister Shehbaz Sharif called the top leaders of Qatar and Oman on Saturday to extend Eid Al-Fitr greetings and reaffirm his country’s desire to deepen bilateral cooperation in trade and investment, his office said.
Pakistan has actively sought to strengthen ties with Gulf nations in recent years, with countries like Saudi Arabia and the United Arab Emirates providing generous financial assistance to Islamabad amid a prolonged economic crisis.
Pakistan continues to seek foreign investment and opportunities to send more skilled labor to the region and boost remittance inflows, a critical component of its economy. High-level visits, investment dialogues and export-related events have been held across Gulf states as part of these efforts.
The phone calls to the Qatari and Omani leaders came ahead of Eid Al-Fitr, marking the end of Ramadan, and amid preparations for increased economic engagement.
“Prime Minister Muhammad Shehbaz Sharif held a telephonic call with the Amir of the State of Qatar His Highness Sheikh Tamim bin Hamad Al Thani today and conveyed his warm greetings and best wishes to the Amir and the brotherly people of Qatar on Eid ul Fitr,” Sharif’s office said in a statement.
“The two leaders also reaffirmed their common desire to further strengthen the close brotherly relations in the trade and investment,” it added. “To carry forward discussions on investment, it was agreed that a delegation from Qatar shall visit Pakistan immediately after Eid.”
Sharif also expressed appreciation for Qatar’s diplomatic efforts, particularly in Gaza, and recalled his visit to Doha last October, where he attended the Manzar cultural exhibition hosted by Sheikha Al Mayassa. He proposed holding a similar exhibition in Lahore, a suggestion the Qatari leader reportedly accepted.
In a separate phone call, the prime minister spoke with Sultan Haitham bin Tarik of Oman, exchanging Eid greetings and expressing Pakistan’s interest in expanding cooperation across all sectors.
“The Prime Minister expressed his satisfaction on the recent successful visit of Pakistan’s Commerce Minister to Muscat, which would pave the way for the two sides to explore mutually beneficial avenues for cooperation,” said the PM Office in another statement.
“The Prime Minister also reiterated his invitation to the Sultan of Oman and requested him to undertake an official visit to Pakistan at his earliest convenience,” it added.
The Omani Sultan warmly reciprocated the Eid greetings and conveyed his best wishes for the people of Pakistan.


Pakistan announces discovery of major antimony reserves in Balochistan

Updated 10 min 13 sec ago
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Pakistan announces discovery of major antimony reserves in Balochistan

  • Antimony can be used in military equipment such as infrared missiles, nuclear weapons and night vision goggles
  • The announcement comes just days ahead of the Pakistan Minerals Investment Forum, aimed at attracting foreign businesses

KARACHI: Pakistan has discovered significant reserves of antimony, a critical metal traditionally used in batteries, semiconductors and flame retardants, in the mineral-rich southwestern province of Balochistan, the country’s Special Investment Facilitation Council (SIFC) said on Saturday.
The strategic significance of the discovery lies in its use in military equipment such as infrared missiles, nuclear weapons, night vision goggles and as a hardening agent for bullets and tanks. China is currently the largest producer of antimony in the world, though the discovery could also prove highly beneficial for Pakistan’s economy and defense sector.
“Significant antimony reserves have been discovered in Balochistan, and a comprehensive commercial plan has been developed by the Oil and Gas Development Company Limited (OGDCL) and the Pakistan Mineral Development Corporation (PMDC),” the SIFC statement informed.
“OGDCL and PMDC have entered into a 50:50 partnership, with the formal announcement of the joint venture expected during the Pakistan Minerals Investment Forum 2025 on April 8–9,” it added.
Pakistan has designated mining and minerals as a priority sector for national economic development, aiming to reduce its reliance on imports and enhance exports. The government has launched a series of reforms and events to attract local and international investment in the sector. The SIFC, a civil-military body established in 2023, serves as a one-window platform to streamline such investments and facilitate economic activity across key sectors.
According to the SIFC, Pakistan is also making headway in acquiring ten mineral blocks in Gilgit-Baltistan, where gold, copper, nickel and cobalt deposits have been confirmed.
In Punjab, coordination is underway between the OGDCL and the provincial mineral department to explore mineral deposits in Chiniot, where previous surveys have indicated iron, copper and gold potential.
Pakistan is also exploring the possibility of leveraging refining facilities in Oman to process extracted antimony, which would reduce local infrastructure constraints and accelerate the commercialization process.
To support the mining sector’s long-term growth, the SIFC said the government wants to align academic curricula with international standards and has committed to working with the Higher Education Commission (HEC) and local universities to produce a skilled workforce.
The announcements come just days ahead of the high-profile Pakistan Minerals Investment Forum 2025, where the government is expected to highlight the country’s mineral wealth and attract both domestic and international investors.


Pakistan fires back at India over allegations of mistreatment of minorities

Updated 29 March 2025
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Pakistan fires back at India over allegations of mistreatment of minorities

  • Indian FM Subrahmanyam Jaishankar said there were 10 cases of “atrocities” against the Hindu community in Pakistan last month
  • Islamabad says ‘systematic promotion of hatred, discrimination, and violence against minorities’ is well-documented in India

ISLAMABAD: The Pakistani Foreign Office on Saturday rejected Indian allegations of mistreatment of minorities in Pakistan, calling New Delhi a “serial violator of those very rights.”
The statement came in response to Indian Minister of External Affairs (MEA) Subrahmanyam Jaishankar’s remarks in parliament about “crimes and atrocities against minorities” in Pakistan.
Jaishankar said they “follow very closely and track the treatment of minorities in Pakistan,” and there were 10 cases of “atrocities” against the Hindu community in Feb., English-language daily Hindustan Times reported.
In response, the Pakistani Foreign Office said New Delhi was in no position to champion minority rights as it remained a serial violator of those very rights in India.
“In Pakistan, state institutions actively work to safeguard minorities as a matter of policy,” it said. “In stark contrast, incidents targeting minorities in India frequently occur with the tacit approval — or even complicity — of elements within the ruling dispensation.”
The two countries traded barbs days after a US panel on religious freedom said the treatment of minorities in Pakistan and India was “deteriorating,” recommending sanctions be imposed on the former’s officials and government agencies and the latter’s external spy agency over its alleged involvement in plots to assassinate Sikh separatists.
The US Commission on International Religious Freedom (USCIRF), a bipartisan US government advisory body that monitors religious freedom abroad and makes policy recommendations, said this in its annual report on Wednesday.
Archrivals Pakistan and India routinely level similar accusations against each other, but both countries have often failed to safeguard minority rights and protect them against various attacks.
“Pakistan is a country where human rights abuses, the persecution of minorities, and the systematic erosion of democratic values are state policies,” Jaishankar said during the parliamentary session on Friday.
The Pakistani Foreign Office responded by saying that the “systematic promotion of hatred, discrimination, and violence against minorities in India is well-documented,” citing the Citizenship Amendment Act, 2002 Gujarat massacre, 2020 Delhi pogrom, 1992 demolition of Babri Mosque and other incidents.
“Rather than feigning concern for minorities elsewhere, the Indian government would do well to address its own failures,” it said. “It must take concrete steps to ensure the safety, protection, and well-being of minorities — including Muslims — and safeguard their places of worship, cultural heritage, and fundamental rights.”


Pakistan secures consensus at UN on funding to appoint Islamophobia envoy

Updated 29 March 2025
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Pakistan secures consensus at UN on funding to appoint Islamophobia envoy

  • The resolution on revised budget estimates for Office of the Special Envoy on Combating Islamophobia was adopted during first part of 79th UNGA session
  • The adoption marks a milestone for Islamabad’s multilateral engagement, following designation of March 15 as the International Day to Combat Islamophobia

ISLAMABAD: Pakistan has secured consensus in the Fifth Committee of the United Nations General Assembly (UNGA) on a resolution to fund the newly established Office of the Special Envoy on Combating Islamophobia, officials said on Saturday.
The Fifth Committee is one of six main committees at the UNGA, which deals with internal United Nations administrative and budgetary matters. The resolution on revised budget estimates was adopted during the closing session of the first part of the 79th UNGA.
Jibran Khan Durrani, first secretary at Pakistan’s UN mission, delivered the national statement at the session, expressing gratitude to the Organization of Islamic Cooperation (OIC), the Group of 77 (G77) and China, and other international partners for their support.
“My delegation welcomes the consensual outcome of the resolution of the revised estimates of Islamophobia, an agenda item which was very important for my delegation as well as other OIC countries,” he said.
“My delegation extends sincere gratitude to the support extended by all members of the Group of 77 and China, OIC countries, and welcomes the constructive discussion that we had with our partners during the course of negotiations, making the consensus the first among all the consensual outcomes of this session.”
The Office of the Special Envoy on Combating Islamophobia will be established effective from April 1, according to the resolution. Its mandate will include monitoring, reporting and advising on rising Islamophobic trends globally and supporting the UN’s broader efforts against religious intolerance.
Pakistan played a leading role in the Fifth Committee discussions and the adoption of the resolution marks a milestone in Islamabad’s multilateral engagement, following its successful push to designate March 15 as the International Day to Combat Islamophobia in 2022.
“We look forward to working with all delegation members in the upcoming session in the same spirit,” Durrani said, thanking the attendees, the 5th Committee Secretariat and all those who were part of the negotiations.
This month, Pakistan Prime Minister Shehbaz Sharif stressed the need to reverse an “alarming tide” of Islamophobia as the world marked the international day to combat the phenomenon.
He said March 15 not only serves as a “stark reminder” of the gravity of the challenges being faced by Muslims worldwide, but also as a powerful call to action, reflecting the collective will of the international community to combat Islamophobia through concrete legislative and policy measures.
“However, much more is urgently needed to reverse the alarming tide of Islamophobia and end the flagrant violations of fundamental human rights and religious freedoms,” Sharif said in a statement.
“At a time when religious intolerance is on the rise, we reaffirm that no justification exists for blasphemy or the desecration of sacred symbols under the guise of freedom of expression.”
Sharif said Pakistan was extremely proud to have led this important initiative at the UN and welcomed actions taken by some member states to outlaw the desecration of the Holy Qur’an as well as to address systemic marginalization of Muslims, urging the international community, human rights organizations, and global leaders to raise awareness against Islamophobia.