ISLAMABAD: Finance minister Muhammad Aurangzeb has invited Oman to enhance investments in Pakistan, state media reported on Friday, as the South Asian country struggles to meet external financing needs as part of a $7 billion bailout loan that is pending approval by the International Monetary Fund (IMF) executive board.
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for the 37-month loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
On Thursday, Aurangzeb held a virtual meeting with the chairman of the Pak Oman Investment Company Limited, Juland Jaifer Salim Al-Said, “to discuss ways for expanding business collaborations and enhancing investment and trade flows between the two brotherly countries.”
The minister provided an in-depth overview of Pakistan’s current economic situation, emphasizing progress made in stabilizing the economy and fostering a conducive environment for business and investment.
“Aurangzeb said the government is determined to push ahead with its reform agenda to facilitate the private sector, promote businesses and provide a secure and friendly investment climate,” Radio Pakistan reported.
“Finance Minister highlighted the significant strides achieved in recent months to stabilize the economy and put it on a sustainable path of growth. He also mentioned the improvements registered in several macro and micro economic indicators of the economy as well as a host of structural reforms undertaken in various sectors of the economy, including energy, taxation, privatization, and downsizing of government to let the private sector lead the growth with the government playing the role of a facilitator, in the process.”
Radio Pakistan said the Pak Oman Investment Company chairman said Oman viewed “Pakistan as a brotherly country and a potential place for business and investment.”
“He expressed hope that due to opening up of more investment opportunities in Pakistan in the wake of ongoing economic reforms, there would be more business collaborations,” Radio Pakistan said.
The first Pakistani Business Expo will be held in Muscat on October 13-14.
Pakistan is in talks with Saudi Arabia, the United Arab Emirates and China to meet gross financing needs under the IMF program, Aurangzeb said in July following a trip to China to seek energy sector debt reprofiling.
Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.
Pakistan invites investment from Oman as it looks for external financing avenues
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Pakistan invites investment from Oman as it looks for external financing avenues
- Pakistan in July reached a bailout loan deal with the IMF which is pending approval from the lender’s executive board
- Approval dependent on “confirmation of necessary financing assurances from Pakistan’s development, bilateral partners”
On International Day of Education, Pakistan vows to embrace ‘promise of AI’
- Theme of this year’s International Day of Education is “AI and Education: Preserving Human Agency in a World of Automation”
- Around the world, AI is being increasingly used in education to improve the learning experience for both students and teachers
KARACHI: Pakistani Prime Minister Shehbaz Sharif on Friday, the International Day of Education, reaffirmed his government’s commitment to advancing an education system that embraced the “promise of AI” and supported the country’s youth in thriving in an evolving technological landscape.
The theme of this year’s International Day of Education is “AI and Education: Preserving Human Agency in a World of Automation.” Around the world, AI is being increasingly used in education to improve the learning experience for students and teachers. AI can automate tasks, provide real-time feedback, and create personalized learning experiences.
“As AI-driven systems become increasingly integrated into our lives, the boundaries between human intervention and machine-driven actions continue to blur,” Sharif said in a statement.
“This presents both opportunities and challenges, raising the critical question of how we can uphold and enhance human agency amidst the growing tide of automation.”
He said his government recognized the transformative power of education in preparing Pakistan’s youth to thrive in the evolving technological landscape.
“By fostering critical thinking, innovation, and ethical responsibility, we aim to equip our citizens with the tools not only to adapt to technological changes but to shape them in ways that uphold our values, protect our freedoms, and advance our society,” the PM said.
He highlighted steps taken in Pakistan to prepare its educational institutions to embrace technological advancements. These initiatives include the establishment of High-Impact IT Labs in ICT degree colleges, Digital Hubs in rural ICT schools, the Google Center of Excellence, SMART Classrooms, and the E-Taleem Portal for blended learning.
“Additionally, we have introduced E-Rozgar Centers, Software Technology Parks, Robotics and Mind Games programs, and STEAM Labs to foster innovation. It is imperative that our schools are equipped with the latest technologies to equip our children with the requisite skills,” the PM said.
“On this day, while we reaffirm our resolve to advancing an education system that embraces the promise of AI while safeguarding the essence of human creativity, compassion, and purpose.”
Pakistan rejects Afghanistan’s allegations it hosts Daesh militant camps
- Foreign Office says Afghanistan is a source of “support and logistics” for militant operations against Pakistan
- Ties between neighbors are strained over surge in militant attacks in Pakistan it blames on Afghanistan
ISLAMABAD: Foreign Office spokesperson Shafqat Ali Khan on Thursday rejected Afghanistan’s allegations Pakistan was hosting and facilitating Daesh militant camps, calling it “weird propaganda.”
The remarks come in response to allegations by Afghan officials that Pakistan was operating training camps for Daesh fighters and facilitating their movement through the Islamabad and Karachi airports for training in its southwestern Balochistan and northwestern Khyber Pakhtunkhwa provinces with the aim of carrying out militant activities in Afghanistan.
Islamabad also frequently accuses neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks amid a surge in militancy in its KP and Balochistan provinces. The Taliban government in Kabul says it does not allow Afghan soil to be used by militants, insisting Pakistan’s security issues are an internal matter for Islamabad.
“Frankly, we completely reject these allegations. They are not grounded in reality,” Khan said during a weekly press briefing when asked about the Afghan allegations on Daesh camps. “It’s just some kind of weird propaganda.”
He reiterated Pakistan’s concern over sanctuaries of the Pakistani Taliban or Tehreek-e-Taliban (TTP) in Afghanistan, accusing the country of being a source of “support and logistics” for TTP militant operations against Pakistan.
“It couldn’t do without the sanctuaries it’s enjoying in Afghanistan,” Khan added. “And we continue to impress upon the Afghan authorities to address this genuine and serious concern so that our bilateral relations can achieve full potential as good neighbors.”
Islamabad says it has consistently taken up the issue of cross-border attacks with the Taliban administration. The issue has also led to clashes between the border forces of the two countries on multiple occasions in recent months.
In December, the Afghan Taliban said bombardment by Pakistani military aircraft in Afghanistan’s eastern Paktika province had killed at least 46 people, most of whom were children and women. Just days later, the Afghan defense ministry said Taliban forces targeted “several points” in neighboring Pakistan, further straining tense ties.
Relations between the two countries have also soured since Pakistan launched a deportation drive in November 2023 against illegal aliens residing in the country. Though Pakistan insists the campaign does not only target Afghans but all those residing in Pakistan unlawfully, it has disproportionately hit Afghans, with at least 800,000 repatriated so far.
Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector
- Pakistan maritime affairs minister holds meeting with Hutchison Ports officials
- Proposal includes upfront $200 million in foreign direct investment for Pakistan
ISLAMABAD: A Hong Kong-based multinational conglomerate has expressed interest in investing $1 billion in Pakistan’s maritime sector to improve the South Asian nation’s port infrastructure, the maritime ministry said on Thursday.
Hutchison Ports, a subsidiary of CK Hutchison Holdings, is a leading global port operator and logistics company, operating in 52 ports across 26 countries in Asia, Europe, the Americas, and Australia. It provides container terminal operations, cargo handling, logistics, port management, transportation, and distribution services.
Pakistan’s seaports in Karachi, located along the Arabian Sea, are essential for global trade and provide job opportunities for thousands of citizens. The country has been actively working on restructuring and enhancing its port infrastructure.
On Thursday, Maritime Affairs Minister Qaiser Ahmed Shaikh held a meeting with a high-level delegation from Hutchison Ports, led by the company’s Managing Director for the Middle East and Africa, Andy Tsoi, to discuss the $1 billion investment plan, the maritime affairs ministry said.
“This groundbreaking proposal includes an upfront $200 million Foreign Direct Investment,” the ministry said, adding that the investment would focus on modernizing the Karachi International Container Terminal and South Asia Pakistan Terminals Limited “with advanced automation technologies, enhancing operational efficiency and adopting eco-friendly solutions.”
The plan includes introducing “electrified and remote-control equipment” to reduce carbon emissions and establishing a state-of-the-art warehousing depot for Pakistan’s growing trade sector as well as funding to improve roads around the south wharf to ensure “smooth container traffic flow and boost supply chain efficiency.”
The development comes amid Pakistan’s efforts to boost trade and seek international partnerships to expand maritime activities.
In August 2024, state media reported that Danish shipping firm Maersk was in discussions with local authorities to invest $2 billion in Pakistan’s port and transport infrastructure over the next two years.
In October last year, the maritime minister signed an agreement with Denmark’s Minister Morten Bodskov to restructure Pakistan’s maritime sector and provide technical training at its ports.
Paris court sentences Pakistani who targeted Charlie Hebdo to 30 years jail
- When he carried out attack, 29-year-old Zaheer Mahmood wrongly believed satirical newspaper was still based in the building
- Newspaper had moved in the wake of an earlier attack, which killed 12 people including eight of the paper’s editorial staff
PARIS: A Paris court on Thursday sentenced a Pakistani man to 30 years in jail for attempting to murder two people outside the former offices of Charlie Hebdo in 2020 with a meat cleaver.
When he carried out the attack, 29-year-old Zaheer Mahmood wrongly believed the satirical newspaper was still based in the building, which was targeted by Islamists a decade ago for publishing cartoons of the Prophet Muhammad.
The newspaper had in fact moved in the wake of the attack, which killed 12 people including eight of the paper’s editorial staff.
The killings in 2015 shocked France and triggered a fierce debate about freedom of expression and religion.
Originally from rural Pakistan, Mahmood arrived in France illegally in the summer of 2019.
The court had earlier heard how Mahmood was influenced by radical Pakistani preacher Khadim Hussain Rizvi, who had called for the beheading of blasphemers to “avenge the Prophet.”
Mahmood was convicted of attempted murder and terrorist conspiracy, and handed a ban from ever setting foot on French soil again.
Pakistan says three militants killed trying to infiltrating its border with Afghanistan
- Islamabad frequently accuses Afghanistan of sheltering, supporting militant groups that launch cross-border attacks
- Afghan officials deny state complicity, insisting Pakistan’s security issues are an internal matter of Islamabad
ISLAMABAD: Pakistani security forces have killed six militants attempting to enter the country through its border with Afghanistan in the southwestern Balochistan province, the Pakistan military said on Thursday.
Islamabad frequently accuses neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. The Taliban government in Kabul says it does not allow Afghan soil to be used by militants, insisting that Pakistan’s security issues are an internal matter of Islamabad.
In the latest incident, the Pakistan army said security forces had picked up on the movement of a group of militants who were attempting to infiltrate the Pakistan-Afghanistan border on the night between Jan 22. and 23 in Balochistan’s Zhob District. Six militants were killed, it said, and a large quantity of weapons, ammunition and explosives was recovered.
“Pakistan has consistently been asking Interim Afghan Government to ensure effective border management on their side of the border,” the army said. “Interim Afghan Government is expected to fulfill its obligations and deny the use of Afghan soil by Khwarij for perpetuating acts of terrorism against Pakistan.”
The Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP), have frequently targeted Pakistani forces in the northwestern Khyber Pakhtunkhwa province. The group also has some presence in Balochistan, the site of a low-level insurgency for decades by separatists fighting for the province’s independence.
On Jan. 19, Pakistani security forces killed five militants as they tried to infiltrate Pakistan’s border in Zhob district.
