ISLAMABAD: Finance Minister Muhammad Aurangzeb on Sunday vowed to accelerate privatization of state-owned entities (SOEs) in Pakistan as Islamabad gears up to hold crucial talks for a bailout package with the International Monetary Fund (IMF) next week.
Under the last $3 billion bailout package from the IMF that was critical in averting a sovereign debt default last year, the lender has said SOEs whose losses are burning a hole in government finances would need stronger governance. Pakistan is now negotiating with the IMF for a larger, longer program for which it must implement an ambitious reforms agenda, including the privatization of debt-ridden SOEs.
Among the main entities Pakistan is pushing to privatize is its national flag carrier, the Pakistan International Airlines (PIA). The government is putting on the block a stake ranging from 51 percent to 100 percent.
Aurangzeb confirmed that an IMF mission had arrived in the country and Islamabad would discuss next week the contours of another loan program with the team.
“We will take this forward and there will also be public-private sector partnership in it,” Aurangzeb said about the privatization of SOEs at a pre-budget conference in Lahore. “We will accelerate the privatization agenda.”
The finance minister said he and Deputy Prime Minister Ishaq Dar were on the “same wavelength” that there are no strategic SOEs.
“After a meeting tomorrow, we will go back to these ministries to say, ‘Hand over all of these [assets] to the private sector,’” he said.
Aurangzeb said investors’ confidence in the country’s economy was improving and credited the government’s policies for the positive outcome.
Pakistan needed structural reforms and the business community should be made a part of the tax net like the salaried class, he added.
Pakistan’s key stock index crossed the 73,000 mark on Friday to close the weekend trading session at an all-time high, as investors banked on renewed hopes of an interest rate cut and improving economic indicators in the country.
Pakistan saw one of the highest inflation regimes last year, with 38 percent inflation recorded in May 2023, which eased to 17.3 percent this April. Pakistani analysts expect a further fall in May, renewing optimism of an interest rate cut from the current 22 percent in the upcoming monetary policy.
Finance minister vows to ‘accelerate’ privatization of Pakistan state-owned assets ahead of IMF talks
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Finance minister vows to ‘accelerate’ privatization of Pakistan state-owned assets ahead of IMF talks
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- Among main entities, Pakistan is pushing to privatize its national carrier, the Pakistan International Airlines
- Muhammad Aurangzeb confirms IMF team has arrived in Pakistan for talks next week on new loan program
Pakistan government denies ‘pressuring’ Islamabad hotel from holding opposition moot
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- Pakistan PM’s political adviser urges opposition leaders to name the official behind alleged incident
- Opposition leaders vow to hold the second day of their conference despite any political pressure
ISLAMABAD: Adviser to the Prime Minister on Political and Public Affairs Rana Sanaullah on Wednesday rejected opposition parties’ claims the government had pressured a local hotel in Islamabad against holding a two-day conference of an opposition alliance, urging its leaders to name the official who may have reached out to the hotel management.
The conference followed opposition parties forming a grand alliance under the banner of Tehreek-i-Tahaffuz-i-Ayeen-i-Pakistan (TTAP) — or the Movement for the Protection of the Constitution of Pakistan — after jailed former premier Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party’s failed negotiations with the government. The talks were meant to secure the release of political prisoners along with the formation of judicial commissions to probe two major anti-government protests by PTI that turned violent.
Earlier, during a press conference outside a local hotel in the capital, opposition leaders from the PTI, including Omar Ayub Khan, Asad Qaiser, and Salman Akram Raja, along with former PM Shahid Khaqan Abbasi and Pashtunkhwa Milli Awami Party chief Mahmood Khan Achakzai, alleged that the government was pressuring the hotel administration to cancel their booking.
“Which hotel person said the government told them not to allow the conference to take place?” Sanaullah asked during a talk show on Geo TV.
“Tell me who was it who did not allow [the hotel to host the conference]. Which person from the government? Which minister? Which officer said no?“
Sanaullah urged the opposition leaders to tell the truth instead of hurling allegations at the government.
“If anyone called and told the hotel to not to allow the conference to take place, tell us, we will contact that person,” he said, highlighting that the opposition leaders knew the government had not issued any such directive.
Meanwhile, on the same TV show, Abbasi said the government was afraid of the conference since it had not been properly elected in the last general elections.
He vowed that the opposition alliance would continue with the second day of the conference today, Thursday, from 10am onwards.
Pakistan capable of defending itself, PM Sharif says on anniversary of downing of Indian fighter jet
Pakistan capable of defending itself, PM Sharif says on anniversary of downing of Indian fighter jet
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- Six years ago, Indian government claimed to have launched a surgical strike in Pakistan near Balakot city
- In retaliation, Pakistan launched Operation Swift Retort, downing an Indian MiG-21 and capturing its pilot
ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday Pakistan was fully capable of defending its territorial integrity, marking the sixth anniversary of Operation Swift Retort, during which the country’s air force shot down an Indian fighter jet that had entered Pakistani airspace.
On February 27, 2019, Indian fighter jets crossed into Pakistani territory, claiming to have carried out a surgical strike against what New Delhi alleged was a militant training camp near Balakot city. The incursion came in response to a suicide bombing in Indian-administered Kashmir earlier that month, which killed 40 Indian paramilitary personnel, though Pakistan had condemned the development.
In retaliation, Pakistan’s air force launched Operation Swift Retort, downing an Indian MiG-21 and capturing its pilot, Wing Commander Abhinandan Varthaman, who was later returned to India as a peace gesture. The episode sharply escalated tensions between the nuclear-armed neighbors, bringing them to the brink of a full-scale conflict.
“Six years ago, on February 27, 2019, Pakistan’s Air Force delivered a clear message to the enemy that Pakistan possesses the full capability to defend its borders,” Sharif said in a statement released by his office.
“Through Operation Swift Retort, Pakistan’s Air Force demonstrated its military prowess and unshakable resolve to safeguard the homeland, sending a clear signal that the Pakistan Armed Forces are fully capable of countering any aggression,” he added.
The prime minister lauded the valor, professionalism and sacrifices of Pakistan’s armed forces, emphasizing the country remains committed to peaceful coexistence but will not hesitate to respond to any threat to its national security and stability.
“Pakistan has always strived to promote regional peace, but whenever an attempt was made to undermine our national security and stability, the entire nation stood united like an iron wall,” he said.
Later in 2019, Pakistan and India downgraded diplomatic relations after New Delhi revoked the special constitutional status of Jammu and Kashmir, further straining ties between the two South Asian rivals.
Pakistan calls for immediate ceasefire in Sudan during Ramadan, urges political resolution
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- Pakistani diplomat at UN condemns attack on Saudi Teaching Maternal Hospital that killed more than 70
- He warns against attempts to establish parallel governments in Sudan, saying it will fragment the country
ISLAMABAD: Pakistan called for an immediate ceasefire in Sudan during the Muslim fasting month of Ramadan on Wednesday, stressing the need for a political resolution to the nearly two-year conflict that has displaced about 12 million people, roughly a quarter of the African state’s population.
Hostilities in Sudan erupted in April 2023 due to a power struggle between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF), escalating into a full-scale civil war. The fighting has caused a severe humanitarian crisis, with millions facing acute hunger and displacement.
Pakistan’s Deputy Permanent Representative to the United Nations, Ambassador Usman Jadoon, urged all parties to implement an unconditional ceasefire and engaging in dialogue for a sustainable political resolution during a Security Council briefing.
“We call for an immediate humanitarian ceasefire during the holy month of Ramadan,” Jadoon told the world body. “Both parties must respect the inviolability of human life during this blessed month.”
Jadoon reaffirmed Pakistan’s commitment to Sudan’s unity, independence, sovereignty and territorial integrity, as he condemned attempts to establish parallel governments, warning that such actions threatened to further fragment the country.
Highlighting the dire humanitarian situation, he mentioned the acute hunger and food insecurity affecting millions, noting the crisis could have serious repercussions beyond Sudan’s borders.
He called for urgent international action, noting that over 24.6 million people face acute food insecurity while commending the Sudanese government’s efforts to open additional air, sea and land borders for humanitarian assistance.
The Pakistani diplomat also demanded an end to violations of international humanitarian law, emphasizing the need for the full implementation of the Jeddah Declaration on the Protection of Civilians, which was agreed upon by both warring parties.
“We reiterate our condemnation of Rapid Support Forces (RSF)’s attack on the only functioning hospital in the besieged El-Fasher, the Saudi Teaching Maternal Hospital, which took more than 70 innocent lives,” he said, referring to the targeting of the medical facility last month.
Jadoon stressed the importance of a comprehensive and inclusive political process to address Sudan’s multidimensional challenges.
He called on the UN to explore ways to support the Sudanese government’s proposed political roadmap as part of a broader peace initiative.
Pakistan announces relief for electricity consumers using up to 300 units
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- Pakistan to also slash monthly fuel adjustment charges of those using agricultural tubewells, says state-run media
- Pakistan produces expensive electricity due to reliance on imported fossil fuels, inefficient energy mix, other factors
ISLAMABAD: Pakistan’s Power Minister Sardar Awais Ahmad Leghari has announced a reduction in the monthly fuel adjustment charges for households consuming up to 300 units of electricity and those using agricultural tubewells, state-run media reported this week.
Pakistan’s move to raise electricity prices as part of energy sector reforms agreed with the International Monetary Fund (IMF) over the past few years resulted in citizens suffering from steep and sudden increases in electricity bills.
The state-run Associated Press of Pakistan (APP) reported on Wednesday that the benefit of reduced fuel adjustment charges was initially halted for consumers using up to 300 electricity units in June 2015. For those using agricultural tubewells, this relief was withdrawn in December 2010.
“The Power Division has sent a letter to the National Electric Power Regulatory Authority (NEPRA), requesting the reinstatement of these adjustments,” APP said.
“By waiving these charges for low-usage consumers and agricultural tubewells, the government aims to ease the financial burden on farmers and households with limited electricity consumption,” it quoted Leghari as saying.
Pakistan produces expensive electricity due to a combination of factors including high reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses and chronic issues like circular debt and regulatory inefficiencies.
The country’s outdated infrastructure and inadequate power plants further exacerbate costs, while underutilization of domestic resources such as hydropower and coal add to the problem.
Additionally, fluctuations in foreign exchange rates and complex tariff structures contribute to higher electricity prices. High power cost is one of the key factors that lead to inflation in the country.
Pakistan thanks Saudi Arabia for $500 million pledge for polio eradication
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- The funds will be disbursed to help end wild form of polio in Pakistan, Afghanistan and stop outbreaks
- Pakistan and Afghanistan are only two countries where polio is endemic, with former reporting 74 cases in 2024
ISLAMABAD: Pakistan’s Focal Person for Polio Eradication Ayesha Raza Farooq this week thanked Saudi Arabia for its $500 million pledge to eradicate poliovirus as the South Asian country struggles to contain the virus from spreading.
Saudi Arabia reaffirmed its $500 million pledge to the Global Polio Eradication Initiative (GPEI), the World Health Organization announced on Monday. The funds, initially pledged in April 2024, will be disbursed to help end the wild form of polio in Pakistan and Afghanistan, and stop outbreaks of variant polio.
Wild polio, a naturally occurring form of the viral disease, is endemic in Pakistan and Afghanistan, which together reported 99 cases last year, according to the WHO. Variant polio is caused by the weakening of the oral polio vaccine.
Farooq participated in the Riyadh International Humanitarian Forum, held from Feb. 24-25 in the Saudi capital, where she took part in a panel discussion on the topic: ‘Ending Polio & Strengthening Health Systems amid Humanitarian Crises.’
“Also expressed my gratitude to the Kingdom of Saudia Arabia @KSRelief_EN for generous support to the Global Polio Eradication Initiative which will be used to vaccinate & protect children against a debilitating disease like polio,” she wrote on X on Wednesday.
“Together we will #endpolio.”
Pakistan last year reported a total of 74 polio cases, a sharp rise from only six cases it reported in 2023. The South Asian country has so far reported only three cases in the first two months of 2025, two from Sindh and one from its northwestern Khyber Pakhtunkhwa (KP) province.
Pakistan’s efforts to eliminate polio have been undermined by vaccine misinformation and opposition from religious hard-liners who say immunization is a foreign ploy to sterilize Muslim children or a cover for Western spies.
Militant groups in KP province have frequently attacked and killed members of polio vaccine teams, and police officials who guard them.
Unidentified men shot dead a police constable in KP’s Khyber district on Feb. 3 during a nationwide anti-polio campaign.
Pakistan says the campaign, conducted from Feb. 3-9, vaccinated more than 45 million children.