Under-fire Babar Azam says PCB to take final decision on Pakistan captaincy
Under-fire Babar Azam says PCB to take final decision on Pakistan captaincy /node/2532676/pakistan
Under-fire Babar Azam says PCB to take final decision on Pakistan captaincy
Pakistan's captain Babar Azam shakes hands with other players during the ICC men's Twenty20 World Cup 2024 group A cricket match between Pakistan and Ireland at Central Broward Park & Broward County Stadium in Lauderhill, Florida on June 16, 2024. (AFP/File)
ISLAMABAD: Pakistan’s under-fire skipper Babar Azam said this week that it was ultimately up to the Pakistan Cricket Board (PCB) to decide whether he should continue as the national squad’s captain or not, following his team’s dismal performance in the ongoing T20 World Cup.
Cricket analysts and commentators have called on Azam to step down as skipper after Pakistan failed to qualify for the second round of the T20 World Cup 2024.
The green shirts crashed out of the World Cup after consecutive losses to minnows United States and arch-rivals India. The United States and India ultimately ended up qualifying for the Super Eight stage of the tournament from Group A, with Pakistan notching victories only against Canada and Ireland.
Speaking to reporters at a news conference on Monday, Azam said the PCB decided to appoint him captain after pacer Shaheen Shah Afridi’s brief stint as skipper ended this year.
“When I go back, we will discuss all that has happened here. And if I have to leave the captaincy, I will announce it openly,” he said.
“I will not hide behind anything. Whatever happens will happen in the open. But for now, I have not thought about it. It is eventually PCB’s decision.”
Cricket commentators have blamed Azam for Pakistan’s failure to perform impressively at the mega tournament. Many have questioned his captaincy decisions while most have criticized him for choosing underperforming stars in the playing XI.
“We win and lose as a team. You are pointing out that [I am] the captain, but I cannot play in every player’s place. There are 11 players, and each of them has a role,” Azam explained.
“That’s why they came here to play the World Cup. I think we have not been able to play well as a team. We have to settle down and accept that we didn’t play well as a team,” he added.
Azam admitted that though the team performed well in patches, fans were right to be disappointed with them.
“Everybody is disappointed. We are as disappointed as the fans. It is not one individual’s fault,” he said.
KARACHI: US tech firm Spectreco LLC and AlBaraka Forum, a Saudi think-tank, would launch an Environmental, Social and Governance (ESG) Index in June to develop a robust benchmark for sustainable investments that align with the Islamic law and global regulations, the Spectreco chief executive officer told Arab News.
The two partners announced the launch of the Artificial Intelligence-led Shariah-compliant ESG index at the 45th AlBaraka Islamic Economics Symposium which was held last week in the Saudi city of Madinah.
“The actual launch of this index will happen in Istanbul in June,” said Khan, the winner of UK’s prestigious Order of the British Empire who was born in Pakistan’s southwestern city of Quetta.
“In the next three to five years, we hope to make this index [will be] the most widely used index in the MENA [Middle East and North Africa] region, starting with Saudi Arabia and led by it.”
The index is designed to be a “game changer” and a smart, technology-driven solution that will integrate the faith-based financial system with global ESG regulations. It will have the fundamentals of both the global ESG regulations and Shariah-compliant financial systems, and will be binding them through technology, according to Khan.
Spectreco and AlBaraka are currently looking for users, asset managers, banks and funds for the index that would help the Islamic economy and the wider world to integrate in a more value proposition-oriented way. The initiative would serve stakeholders, including investors, regulators and Islamic finance institutions seeking to align faith-based investment practices with modern sustainability goals, as the reporting of their compliance with ESG regulations is becoming mandatory for companies from Europe, the United Kingdom, Asia Pacific, and parts of North America.
“Now your trade and FDI both have embedded the sustainability and ESG and carbon footprint mechanisms across their space,” Khan told Arab News in an interview.
He said Islamic economies from the Middle East and North Africa region, including Qatar, the United Arab Emirates (UAE) and Saudi Arabia, were moving toward mandatory ESG compliance reporting, while Oman had already made it mandatory.
“A huge Islamic economy is moving toward mandatory reporting,” said Khan, whose firm aims to simplify sustainability reporting, compliance and performance tracking across multiple jurisdictions.
Speaking of the leverage his company has over others in terms of entering Saudi Arabia and other gulf markets, Khan said they have a technology that has an end-to-end mechanism and is driven by data, evidence and AI in the space of ESG and sustainability.
“We have on-ground expertise of the built environment and financial services and investor paradigm,” he said.
Yousef Hassan Khalawi, secretary-general at the Albaraka Forum that aims to advance Islamic economy, said the global Islamic economy was attracting more and more people and its size was expected to increase to $7 trillion by 2028.
“This is yet not that number which can represent the capacity of Muslims which are as a population now almost around 25 percent” of the world population, Khalawi told Arab News in a separate interview from Bahrain.
At $2 trillion, he said, the Islamic finance industry is still less than five percent of the global finance industry. He said the Shariah-compliant index would encourage bankers and business developers to develop more products that would meet global sustainability standards.
“It is, it should be a global index which means it should cover banks from Indonesia till Nigeria till even South Africa,” Khalawi said.
Around 65 percent of Islamic banking assets were concentrated in the Gulf Cooperation Council (GCC) region as well as Malaysia, according to the Albaraka official. In Saudi Arabia, the size of retail Islamic banking stood more than 95 percent while the corporate size was over 70 percent.
“Here, you are focusing on the major markets and then the rest of the world will come easier,” he added.
Khalawi called Pakistan a “very important nation,” with one of the “fiercest creators” of the Shariah-compliant economy.
Pakistan’s Islamic banking is growing at more than 20 percent every year and its government is trying to fully make its interest-based financial system Shariah-compliant by Dec. 2027, a deadline set by Pakistan’s Shariah court in April 2022.
“Many initiatives also will come in Pakistan,” Khalawi said. “For sure, we are considering Pakistan, as I said, in every single initiative we have.”
At least 13 killed as passenger truck falls into ravine in southern Pakistan
The accident occurred overnight in Jamshoro district of Sindh province
Hospital officials said some of the injured were in critical condition
Updated 14 min 18 sec ago
AP
MULTAN: A speeding truck carrying laborers, women and children fell into a ravine in southern Pakistan, killing at least 13 people and injuring 20 others, police said Tuesday.
The road accident occurred overnight in Jamshoro district in southern Sindh province, city police chief Saddique Changra told reporters.
Hospital officials said some of the injured were in critical condition.
According to local media, the accident happened as dozens of laborers were returning to their homes in Sindh’s Badin district after harvesting wheat in the southwestern province of Balochistan.
Road accidents are common in Pakistan, where highways and roads are poorly maintained and traffic laws are widely ignored.
Pakistan reassures IMF it will stay reform course on sidelines of IMF-World Bank meetings
IMF Managing Director Kristalina Georgieva acknowledges Pakistan has made ‘great progress’ in restoring macroeconomic stability despite global challenges
The statement came after Finance Minister Muhammad Aurangzeb’s meeting with Georgieva in Washington on the sidelines of IMF-World Bank spring meetings
ISLAMABAD: Finance Minister Muhammad Aurangzeb has reassured the International Monetary Fund (IMF) that his country would stay the reform course under its $7 billion bailout program, the Pakistani finance ministry said on Tuesday, on the opening day of the IMF-World Bank spring meetings.
Aurangzeb is currently on a visit to Washington, United States to attend the 2025 spring meetings of the IMF and the World Bank Group, where he has held a series of high-level engagements on the sidelines.
In his meeting with IMF Managing Director Kristalina Georgieva, Aurangzeb thanked the IMF team for a staff-level agreement on the first review of Pakistan’s $7 billion program and a new arrangement under the Resilience and Sustainability Facility (RSF).
Pakistan secured the $7 billion program in Sept. last year as it moved to consolidate its economy since averting a default in 2023. Islamabad has since undertaken several reforms to reduce public debt, maintain low inflation, improve energy sector viability, and to accelerate growth.
“He reiterated the Government of Pakistan’s commitment to maintaining the reform momentum and extended an invitation from the Prime Minister of Pakistan for Ms. Georgieva to visit the country,” the Pakistani finance ministry said.
Georgieva said Pakistan had made “great progress” in restoring macroeconomic stability despite global challenges.
“We continue to work with the authorities on their reform agenda for the benefit of Pakistan’s people,” she said on X, following her meeting with the Pakistani finance minister and central bank governor.
IMF Managing Director Kristalina Georgieva (left) Governor of the State Bank of Pakistan, Jameel Ahmad, during the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington DC, US, on April 21, 2025. (@KGeorgieva/X)
The finance minister held a meeting with World Bank Group President Ajay Banga and commended its leadership in developing a transformative Country Partnership Framework (CPF) — a decade-long strategic roadmap centered around measurable impacts and outcomes.
“He appreciated the World Bank’s ongoing assistance in crafting a comprehensive implementation strategy and action plan to operationalize the CPF while simultaneously enhancing overall efficiency,” Aurangzeb’s ministry said.
“The Minister also provided a detailed overview of Pakistan’s macroeconomic turnaround and reaffirmed the government’s unwavering commitment to ensuring sustainable economic stability.”
Pakistan's Finance Minister Muhammad Aurangzeb (fourth right) holds meeting with officials of The World Bank Group in Washington DC, US, on April 21, 2025. (Finance Ministry)
In his meetings with Deloitte and the International Finance Corporation (IFC) officials, Aurangzeb discussed cooperation in multiple areas like energy and private sector reforms and critical minerals.
“The Finance Minister met with the Deloitte delegation and apprised them of Pakistan’s macroeconomic outlook, the government’s sectoral development agenda, and its export-led growth priorities. Both sides explored potential collaboration in energy sector reforms, critical minerals extraction and marketing, privatization, technology, crypto policy, and the operationalization of the Country Partnership Framework (CPF),” the Pakistani finance ministry said.
“He reviewed progress on Diversified Payment Rights (DPR) and commended the IFC’s pivotal role in securing USD 2.5 billion in debt financing for the Reko Diq Copper and Gold Mine Project in Balochistan. The Minister emphasized the importance of ensuring that local communities benefit from the project’s economic gains.”
Earlier in the day, the finance minister attended a luncheon hosted by the US-Pakistan Business Council at the US Chamber of Commerce, where he engaged with corporate leaders and detailed Pakistan’s economic progress and reform measures in taxation, energy, and privatization. He emphasized the importance of regional trade, market diversification, and sectoral expansion, and expressed Pakistan’s commitment to continued collaboration in the mining and minerals sector.
During his visit to Washington, Aurangzeb would also meet with finance ministers and counterpart leaders of China, the United States, United Kingdom, Saudi Arabia and Turkiye and officials of global credit rating agencies, commercial and investment banks.
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif will be visiting Ankara today, Tuesday, to meet Turkish President Recep Tayyip Erdoğan and discuss bilateral ties and the regional situation, the foreign office said in a statement.
Pakistan and Turkiye enjoy close cultural, historical and military relations which they are now expanding into the realms of trade, economy and investment as both countries seek to develop their economies.
“During the visit, the Prime Minister will hold extensive discussions with President Erdogan on bilateral relations as well as exchange views on recent developments in the region and beyond,” the foreign office said about Sharif’s visit to Ankara.
“The upcoming meeting represents a continuation of robust dialogue and underscores the shared commitment to further elevate the multifaceted partnership between Pakistan and Türkiye.”
As long-standing allies and strategic partners, Pakistan and Turkiye maintain a tradition of regular exchanges and have institutionalized leadership-level mechanisms such as the High-Level Strategic Cooperation Council (HLSCC).
The 7th session of the HLSCC was held in Islamabad on Feb 12-13 this year, and co-chair by Sharif and Erdogan.
Pakistan and Turkiye have a Preferential Trade Agreement (PTA) since August 2022, granting tariff concessions on certain goods, and are working to increase bilateral trade to $5 billion.
While trade has increased in recent years, it is not yet a major trading partner for either country. A Free Trade Agreement is also under consideration.
In 2023, Pakistan’s exports to Turkiye were $352.1 million, and imports stood at $250.8 million. Turkiye’s exports to Pakistan in 2024 included items like lead, meat, and works of art while Pakistan’s exports to Turkiye included explosives, zinc, meat, and fur skins.
Pakistan finmin seeks investments in Washington meetings with Deloitte, IFC executives
Aurangzeb discusses cooperation in private sector reforms, energy transition, sound municipal finance, employment with IFC team
Pakistan finmin seeks investments in Washington meetings with Deloitte, IFC executivesDiscusses energy reforms, extraction, marketing of critical minerals, privatization, technology, crypto policy with Deloitte executives
KARACHI: Pakistani Minister for Finance and Revenue, Muhammad Aurangzeb, held separate meetings on Monday with executives from Deloitte and the International Finance Corporation and discussed cooperation in multiple areas like energy and private sector reforms and critical minerals.
Aurangzeb left for the US last week to attend the World Bank Group/IMF Spring 2025 Meetings from Apr. 21-26. A statement from his office said on Saturday besides meeting with top officials of the World Bank and the IMF, the finance minister would also meet with finance ministers and counterpart leaders of China, the United States, United Kingdom, Saudi Arabia and Turkiye and officials of global credit rating agencies, commercial and investment banks.
On Monday, Aurangzeb met Hela Cheikhrouhou, Regional Vice President of the International Finance Corporation, and her team.
“Both sides explored cooperation in the areas of private sector reforms, energy transition, sound municipal finance and full employment,” a statement from the finance ministry said. “The Minister appreciated the lead role of IFC in raising $2.5 billion in debt financing for Reko Diq Copper & Gold Mine Project in Balochistan.
Aurangzeb also separately met with a team from Deloitte and briefed them on Pakistan’s macroeconomic outlook, the government’s sectoral development agenda and export-led growth priorities, the finance ministry said.
“Explored cooperation in the areas of energy sector reforms, extraction and marketing of critical minerals, privatization, technology, crypto policy and operationalization of Country Partnership Framework (CPF),” the statement added.
