KARACHI: Finance Minister Muhammad Aurangzeb highlighted key economic reforms undertaken by Islamabad and the potential for investment in the South Asian country, in his meetings with representatives of the World Bank and other international financial institutions in Washington on Tuesday, the finance ministry said.
Aurangzeb arrived in Washington on Sunday to participate in spring meetings organized by the IMF and World Bank. His tour is an important one for the South Asian country as an ongoing nine-month, $3 billion loan program with the IMF designed to tackle a balance-of-payments crisis, is set to expire this month.
With the final $1.1 billion tranche of that deal likely to be approved later this month, Pakistan has begun negotiations for a new multi-year IMF loan program worth “billions” of dollars, according to the finance ministry.
“The minister highlighted Pakistan’s progress under the 9-month [Stand-by Arrangement] SBA program and ongoing reforms in priority areas of taxation, energy and privatization,” the Pakistani finance ministry said in a statement after Aurangzeb met Ajay Banga, the president of the World Bank Group, on Tuesday.
“Both sides agreed on the need for a rolling Country Framework Plan for 10 years.”
The statement said the World Bank president assured his “full support” for Pakistan’s reforms and digitalization programs to stabilize the economy and enhance revenues.
In an interview on Monday, Aurangzeb had said Pakistan would seek at least a three-year IMF program and plans to continue with necessary policy reforms to rein in deficits, build up reserves and manage soaring debt servicing.
Aurangzeb also separately met Masatsugu Asakawa, the president of the Asian Development Bank (ADB) in Washington on Tuesday.
“Discussions focused on further strengthening Pakistan’s partnership with ADB, protecting country envelope of concessional financing and future project pipeline,” the finance ministry said.
Aurangzeb met Hela Cheikhrouhou, the regional vice president for MCT at the International Finance Corporation (IFC) to brief her on the government’s structural reform agenda on taxation, privatization and energy.
“He encouraged IFC to scale up its engagement and work with Pakistan in the priority areas of securitization of remittances, mining, airport management and capacity building,” the statement said.
The Pakistani finance minister also met Scott Nathan, CEO of the US International Development Finance Corporation (DFC).
“The Minister highlighted the government’s commitment to attract investments across various sectors in Pakistan, including priority areas of agriculture, IT, extractive industry and renewable energy,” the finance ministry said.
He hoped the DFC would expand its portfolio in Pakistan following the resolution of outstanding issues and tap “significant investment opportunities” by leveraging private sector investments and public-private partnerships, the statement added.
The Pakistani minister separately met Saudi Arabia’s Finance Minister Mohammed Al-Jadaan during which he appreciated the Kingdom for its “steadfast financial support” to Pakistan as it faces an economic crisis.
“Both sides exchanged views on deepening economic and investment relations between the two countries,” the finance ministry said. “They also explored new avenues for collaboration to further strengthen trade and investment ties in diverse areas.”
Aurangzeb then attended the G-24 Finance Ministers and Central Bank Governors’ Meeting on the sidelines of the Spring meetings in Washington D.C. and participated in discussions centered around sustainable economic growth and financial stability.
“The Minister highlighted that the government undertook difficult but necessary reforms to move the economy in the right direction,” the statement said.
Aurangzeb was referring to several IMF-mandated reforms Pakistan implemented after its loan program was approved by the international lender. These included budget adjustments, increasing interest rates, and higher energy prices.
Aurangzeb also separately met Turkish Finance Minister Mehmet Şimşek during which the Pakistani minister acknowledged that the current bilateral trade between Pakistan and Türkiye “is not commensurate with existing potential.”
“Both sides agreed on the need to deepen cooperation by giving a fresh impetus to bilateral trade and investment and benefit from Turkiye’s experience in power generation and distribution,” the statement added.
Reforms on top of agenda as Pakistan finance chief meets global financial institutions’ representatives
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Reforms on top of agenda as Pakistan finance chief meets global financial institutions’ representatives
- Finance minister is in Washington for spring meetings organized by IMF, World Bank
- Aurangzeb meets World Bank president, finance ministers of Saudi Arabia and Turkiye
Belarus offers to share technology with Pakistan, import textiles in bid to enhance trade
- Belarus president is in Pakistan on three-day visit to discuss bilateral trade, investment
- Both sides discussed investment, tourism and defense cooperation, says Shehbaz Sharif
ISLAMABAD: Belarus President Aleksander Lukashenko on Tuesday offered to share technology with Pakistan and buy the country’s textile products, with the two states reaffirming their resolve to turn bilateral agreements into “practical steps.”
Lukashenko arrived in Islamabad on Monday evening, a day after a 68-member delegation of his country reached Pakistan to hold discussions on bilateral trade and investment. The Belarusian president is in Islamabad as Pakistan pushes for foreign investment from allies old and new in a bid to shore up its $350 billion economy while navigating a tough reforms agenda mandated by the International Monetary Fund (IMF).
Lukashenko arrived at the Prime Minister House on Tuesday morning where he was received by PM Shehbaz Sharif and accorded a guard of honor. He held one-on-one talks with Sharif before the two sides also held delegation-level talks in the Pakistani capital.
“As I already said to my dear friend, the prime minister, that in the modern world not just big countries possess high technologies, sometimes mid-range or smaller countries also do just like Belarus,” Lukashenko said during a joint news conference with Sharif.
“We have those technologies and I think Pakistan should develop relations with smaller countries which are ready to share their technologies and on the other hand, we would be very happy to buy from Pakistan what it has to offer to us, including textile and many other things,” he added.
Sharif said he was encouraged by Lukashenko’s “very inspiring” statements on putting agreements on trade and investment into action. He said both sides covered commerce, investment, tourism, defense cooperation and other important issues in the discussions.
“All these areas will be discussed today immediately after this press conference between the two sides,” Sharif said. “And then they will depart to meet again in two weeks’ time in Minsk where the two teams will meet again and finalize and convert all these discussions into practical steps, arrangements ready for agreements.”
Sharif said in February 2025, he and the Belarusian president will sign the agreements to ensure practical work on them begins.
Pakistan and Belarus, the world’s 74th-largest economy by GDP, celebrated thirty years of the establishment of diplomatic relations this year. Pakistan was one of the first countries to recognize Belarus after the dissolution of the Soviet Union in 1991 and maintained an embassy in Minsk.
The prime minister of Belarus was in Islamabad earlier this year where he met his counterpart as well as the chief of the Pakistan army, among other key leaders.
In September, Pakistan and Belarus discussed different options for a joint venture to establish a tractor plant in the country and reached a consensus on collaborating on a foot-and-mouth disease vaccine to protect cattle, as well as on the capacity building of agricultural engineers in machinery design.
They also agreed to enhance cooperation in the sectors of livestock and seeds and work together on the mechanization of agriculture and on increasing market access for agricultural and livestock products. Belarus also wants to set up a veterinary medicine plant in Pakistan.
In recent months, there has been a flurry of visits, investment talks and economic activity between Pakistan and Central Asian states, including meetings with leaders from Uzbekistan and Azerbaijan.
Pakistan eyes enhanced trade and connectivity with Belarus amid investment push
- Belarus President Aleksandr Lukashenko is in Pakistan on three-day visit for investment, trade talks
- Islamabad is pushing for foreign investment from allies in a bid to shore up $350 billion economy
ISLAMABAD: Pakistan Privatization and Communications Minister Abdul Aleem Khan stressed launching direct flights to Belarus and enhancing trade with the eastern European country, state-run media reported this week, as its president arrived in Islamabad for a three-day trip to hold talks on bilateral trade and investment.
Belarus President Aleksandr Lukashenko arrived in Pakistan on Monday following the arrival of his 68-member delegation, as Islamabad pushes for foreign investment from allies old and new in a bid to shore up its $350 billion economy while navigating a tough reforms agenda mandated by the IMF.
Khan met Belarusian Transport Minister Alexei Lyakhnovich with senior communication in the presence of sector officials from both countries on Monday to discuss the importance of enhancing connectivity through roads and railways, the Associated Press of Pakistan said.
“Federal Minister for Communications, Privatization and Board of Investment Abdul Aleem Khan on Monday emphasized Pakistan’s commitment to enhancing connectivity through the launch of direct flights to Moscow and Belarus, alongside the development of trade corridors linking China, Afghanistan, Central Asia, and Belarus,” the APP reported.
The Belarusian transport minister described cross-border trade as “pivotal” for strengthening the economy and promoting bilateral relations, adding it was a significant step toward collaboration between both countries.
The pending construction of different motorways and highways also came under discussion with both sides agreeing to take steps in this regard, APP said.
Emphasizing the communication sector’s importance, Khan said Pakistan wanted a trade corridor to Central Asia along the Karakoram Highway and China-Pakistan Economic Corridor lines to promote business activities.
“We want to further enhance G2G and B2B activities with Belarus in the future for which both the countries will make serious efforts,” Khan said.
“Like Azerbaijan and Turkiye, we also want to make Belarus an investment partner with our country as Pakistan is rich in natural resources and blessings of Allah Almighty while positive results can be achieved with our skilled workforce.”
On Tuesday, Lukashenko arrived at the Prime Minister House where he was welcomed by PM Shehbaz Sharif and presented with a guard of honor.
Pakistan and Belarus, the world’s 74th-largest economy by GDP, celebrated thirty years of the establishment of diplomatic relations this year. Pakistan was one of the first countries to recognize Belarus after the dissolution of the Soviet Union in 1991 and maintained an embassy in Minsk.
The prime minister of Belarus was in Islamabad earlier this year where he met his counterpart as well as the chief of the Pakistan army, among other key leaders.
In September, Pakistan and Belarus discussed different options for a joint venture to establish a tractor plant in the country and reached a consensus on collaborating on a foot-and-mouth disease vaccine to protect cattle, as well as on the capacity building of agricultural engineers in machinery design.
They also agreed to enhance cooperation in the sectors of livestock and seeds and work together on the mechanization of agriculture and on increasing market access for agricultural and livestock products. Belarus also wants to set up a veterinary medicine plant in Pakistan.
The First Pakistan-Belarus Joint Economic Commission (JEC) was held in 2015 in which the two countries agreed to initiate joint ventures in the textile, pharmaceutical and lighting solution industries and share technological expertise.
In recent months, there has been a flurry of visits, investment talks and economic activity between Pakistan and Central Asian states, including meetings with leaders from Uzbekistan and Azerbaijan.
After humiliating loss, Pakistan face Zimbabwe in second ODI today
- Zimbabwe stunned Pakistan by 80-run win on Duckworth-Lewis Stern (DLS) method in first ODI
- Skipper Mohammad Rizwan’s side will play three ODIs and three T20Is against Zimbabwe
ISLAMABAD: Pakistan will take on hosts Zimbabwe in the second ODI today, Tuesday, at the Queens Sports Club in Bulawayo, after reeling from an embarrassing defeat in the first match last week.
All-rounder Sikandar Raza inspired Zimbabwe to a stunning 80-run win on the Duckworth-Lewis-Stern (DLS) method on Sunday against a new-look Pakistan team.
Raza made a crucial 39 runs and lifted Zimbabwe from a precarious 125-7 to 205 all out.
Under overcast conditions, Raza picked up two wickets in one over as Pakistan limped to 60-6 in 21 overs before it rained and denied further play as Zimbabwe took a 1-0 lead in the three-match series.
“The second One-Day International of three match series between Pakistan and Zimbabwe will be played in Bulawayo on Tuesday,” state broadcaster Radio Pakistan reported.
The three-match ODI series will be followed by three T20s with Bulawayo hosting all the matches.
In the 15-member squad Arafat Minhas, Babar Azam, Naseem Shah and Shaheen Shah Afridi have been replaced with the uncapped duo of Abrar Ahmed and Ahmed Daniyal along with pacer Shahnawaz Dahani and Tayyab Tahir.
The match is scheduled to begin at 12:30 p.m. Pakistan Standard Time.
World Economic Forum says Pakistan now world’s sixth-largest solar market
- Pakistan’s “rapid adoption” of solar energy provides valuable lessons for emerging markets, says WEF
- Says declining solar panel prices, skyrocketing electricity tariffs reasons for Pakistan pursuing solar energy
ISLAMABAD: Pakistan is now the sixth-largest solar market in the world and its “rapid adoption” of solar energy provides valuable lessons for emerging markets, a World Economic Forum report said this week as Islamabad tries to dodge rising fuel prices through renewable energy resources.
Pakistan’s energy sector has long struggled with financial strain due to circular debt, power theft and transmission losses, leading to blackouts and high electricity costs.
Experts say Pakistan has ideal climatic conditions for solar power generation, with over nine hours of sunlight in most parts of the country. According to the World Bank, utilizing just 0.071 percent of the country’s area for solar photovoltaic (solar PV) power generation would meet Pakistan’s electricity demand.
According to the National Electric Power Regulatory Authority, currently, only 5.4 percent of Pakistan’s installed power generation capacity of 39,772 megawatts comes from renewables like wind, solar and biomass, while fossil fuels still make up 63 percent of the fuel mix, followed by hydropower at 25 percent.
“The country is now the world’s sixth-largest solar market,” WEF said in its report published on Monday. “Declining solar panel prices, coupled with skyrocketing grid electricity tariffs that have increased by 155 percent over three years, are fueling a rush in renewable energy adoption in Pakistan, with solar power leading the way.”
The report highlighted that Pakistan’s move to adopt solar energy was driven by external factors such as China’s overproduction of solar panels, which had lowered the costs for Pakistan, making the country the third-largest destination for Chinese solar exports.
“Industrial, agricultural and residential sectors have embraced solar, with imported Chinese modules totaling 13 gigawatts (GW) in the first half of the year, and forecasts reaching 22GW by year-end,” the report said.
The WEF said the inability of state-owned energy providers to provide a stable supply and the government’s inconsistent energy policy characterized by ” inefficiencies in production, pricing and regulations” has deepened Pakistan’s energy crisis, aiding in the usage of solar energy.
“Grid electricity demand dropped by more than 10 percent in the past fiscal year as inflated tariffs burden consumers with covering inefficiencies,” the report added. “This trend has sparked a wave of solar adoption among industrial, commercial and private users who can afford self-generation.”
Supportive policies like offering credit for solar in off-grid areas and unbundling customer categories can also boost renewable energy adoption, it said.
“Pakistan’s journey underscores the importance of balancing policy innovation with market adaptation to drive sustainable and equitable energy solutions,” the WEF report concluded.
Pakistan reaffirms unwavering support for Palestine, demands unconditional ceasefire in Gaza
- Shehbaz Sharif’s message comes as world marks International Day of Solidarity with Palestinian People
- Calls on international community to act “swiftly and decisively” to put a halt to Israel’s “atrocities” in Gaza
ISLAMABAD: Prime Minister Shehbaz Sharif expressed Pakistan’s unwavering support for the people of Palestine on Tuesday and demanded an unconditional ceasefire in Gaza, as the world marks the International Day of Solidarity with Palestinian People today.
The International Day of Solidarity with Palestinian People is marked every year on Nov. 29 to express support for the people of Palestine facing occupation at the hands of Israel. This year, the day is being observed on Nov. 26.
Pakistan’s message of support for Palestine comes amid heightened tensions in the Middle East. Israel has killed over 44,000 people since Oct. 7, 2023 after Hamas launched a surprise attack on the Jewish state the same day. Israel has also launched military operations against Lebanon and exchanged missile attacks with Iran over the past few months.
“International Day of Solidarity with the Palestinian People is being observed on Tuesday to express solidarity and support with the oppressed people of Palestine,” state broadcaster Radio Pakistan said.
“In his message on the occasion, Prime Minister Shehbaz Sharif reaffirmed the unwavering support of the people and Government of Pakistan for the just cause of Palestine and the inalienable right of the Palestinian people to self-determination.”
Sharif said Pakistan calls on the international community to “act swiftly and decisively, to impose an immediate halt to Israel’s atrocities.”
He condemned Israel’s attacks on Palestinian civilians, hospitals, schools and critical infrastructure in Gaza.
“He said Pakistan further calls for an immediate and unconditional ceasefire in Gaza and stresses the urgency of ensuring unhindered humanitarian assistance to the Palestinian people,” the state broadcaster said.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters” and the pre-1967 borders with Al-Quds Al-Sharif as its capital.
Since the beginning of the war in October last year, Pakistan has repeatedly called for a ceasefire in Gaza and raised the issue at the United Nations, the Organization of Islamic Cooperation (OIC) and other international forums, urging an end to Israeli military actions.
