ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
“Aurangzeb expressed deep appreciation for Saudi Arabia’s consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan’s private sector,” Radio Pakistan said on Thursday.
“Aurangzeb noted the significant outcomes of the high-level business delegation’s visit from Saudi Arabia to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.”
The minister also outlined Pakistan’s “positive” economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
“The Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government’s policy agenda,” Radio Pakistan said.
The report said Al-Malki “commended” the government of Pakistan’s efforts in implementing structural and institutional reforms and reiterated the Kingdom’s “unwavering commitment to contributing to Pakistan’s economic growth.”
“The Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,” Radio Pakistan said. “He indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.”
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 a new 37-month $7 billion 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.”
Last month, Bloomberg reported Pakistan had secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
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.
Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
https://arab.news/wae3f
Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
- Last month, Pakistan said it had secured commitments from China, Saudi Arabia and UAE to roll over debt for a year
- Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July
IMF urges Pakistan to digitalize budget preparation for better fiscal monitoring
- The international lender says budget processes still involve manual and paper-based steps despite reforms
- IMF has pointed out Pakistan’s interest payments absorb 60 percent of budgeted revenue due to public debt
ISLAMABAD: The International Monetary Fund (IMF) has suggested Pakistan to digitalize its budget preparation and execution processes to improve fiscal monitoring and reporting to overcome deviations from the planned budgets.
In report a technical assistance report to improve budget practice brought out this week, the international lender said Pakistan needed to take strong control over the budget in the coming years.
The report came as an IMF delegation led by Pakistan mission chief, Nathan Porter, completed a five-day trip to the country in which it discussed the performance of a $7 billion loan program approved in September. The IMF has said Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025.
“An examination of Pakistan’s recent budgetary outcomes reveals substantial deviations from planned budgets,” the lender said in the report. “While these discrepancies are partially due to an unstable external environment and political uncertainties, the establishment of stronger fiscal institutions can help deliver a more credible budget, tighten its execution, and prevent policy slippages.”
The IMF pointed out that despite several reforms, the budget processes still involved significant manual and paper-based steps.
“Fully digitalized processes are yet to be prepared and implemented in the Financial Accounting and Budgeting System,” it said in the report. “The Finance Division has designed a data warehouse to store fiscal data and made available a set of dashboards for use by stakeholders, but this is hampered by the lack of timely data provided by some key entities. As a result, fiscal reporting is not yet comprehensive and timely.”
It added that regulatory framework and fiscal data governance practices, including data exchange, did not fully address these challenges.
The IMF also noted Pakistan’s public debt had increased considerably, and interest payments were now absorbing 60 percent of budgeted revenue.
However, it recognized that multiple external shocks and the unprecedented floods in 2022 buffeted the economy and the government’s fiscal position.
“These shocks have been compounded by policy slippages including unbudgeted subsidies, and delays in implementing revenue measures,” it continued, adding the authorities now had the difficult task of converting a primary deficit of 1.3 percent of GDP for FY23 into a primary surplus for FY24. It also emphasized continued fiscal restraint, while preserving essential social and development spending.
The international lender suggested the finance division to require line ministries to prepare their budget submissions within a binding budget ceiling and explain any request for additional resources.
“Consider a reorganization of the Finance Division to reduce fragmentation and improve effective decision-making,” the reported suggested. “Support the reorganization with a functional review of the Division’s structure and staffing.”
WHO, Pakistani officials cite ‘immunity gap’ as key factor behind surge in polio cases
- WHO official says resurgence developed over time due to ‘compromised campaign quality’
- Pakistan has reported 49 cases this year, mostly from Balochistan and Khyber Pakhtunkhwa
ISLAMABAD, PESHAWAR, KARACHI: The World Health Organization (WHO) and Pakistani officials have identified “immunity gap” as a key factor behind the resurgence of polio in the country, as Pakistan on Friday reported its 49th case this year from the southwestern Balochistan province.
Polio is a highly contagious disease that can cause irreversible paralysis, particularly in young children, and remains incurable, posing a persistent threat as long as the virus is not eradicated.
Most cases in Pakistan have emerged from the conflict-hit Khyber Pakhtunkhwa and Balochistan provinces. Along with neighboring Afghanistan, Pakistan remains one of the last two countries in the world where polio is endemic. After significant progress in reducing cases, Pakistan has seen a resurgence since late 2018, underscoring the fragility of earlier gains.
Health officials explain that an “immunity gap” occurs when a large segment of the population lacks sufficient resistance to the poliovirus, leaving communities vulnerable to infection and outbreaks despite immunization efforts.
“The ongoing transmission and resurgence of the poliovirus was largely attributed to a widespread immunity gap that has developed over time,” WHO spokesperson Maryam Younas told Arab News.
She attributed this “to a compromised campaign quality because of security-related challenges, community resistance, boycotts and demands of local communities, suboptimal routine immunization coverage and internal displacement of mobile and migrant populations.”
Younas added high-quality vaccination campaigns were needed to bridge the immunity gap, highlighting that the WHO had organized back-to-back large-scale campaigns in September and October that vaccinated around 45 million children.
“These will follow another campaign in December to effectively plug the immunity gap,” she said. “The mobile and migrant populations were redefined and mapped with revitalized focus on their vaccination.”
Health officials from the restive Khyber Pakhtunkhwa and Balochistan provinces also echoed the same concerns, saying that immunity gaps played a major role in the resurgence of poliovirus.
KP’s Special Health Secretary Abdul Basit said the provincial government was undertaking efforts to “plug remaining immunity gaps” from the region by ensuring timely immunization of children.
A tribal elder from South Waziristan, Malik Anwar Wazir, told Arab News the increasing number of polio cases raised question about the government’s polio eradication efforts. He termed the decades of infighting and unrest in parts of KP and tribal areas responsible for “inconsistent health care initiatives.”
“Mass exodus or displacement of families because of militancy hinder vaccination drives,” he added. “Most of the families in the tribal belt and parts of KP move for safer areas due to constant war, which creates problems for full immunization dose.”
Dr. Aftab Kakar, a health official in Balochistan, said international donors funding Pakistan’s polio eradication program had expressed concerns and given the authorities in the province new targets to prevent poliovirus transmission by June 2025.
“After being declared a polio-free province for almost years, we received the first transmission of poliovirus from Kandahar [Afghanistan] in September 2023,” he said. “If our children were immunized and well nourished, the virus would not have survived and spread all over the province.”
This year, 24 polio cases have been reported in Balochistan, 13 in Sindh, 10 in Khyber Pakhtunkhwa and one each in Punjab and the federal capital, Islamabad. In the early 1990s, Pakistan recorded approximately 20,000 cases annually, but the number dropped to eight in 2018, six in 2023 and only one in 2021.
Pakistan’s polio eradication program, launched in 1994, has significantly reduced the number of cases over the years. However, the country continues to face major challenges, including militancy, with polio workers frequently targeted in attacks, particularly in the northwestern Khyber Pakhtunkhwa province.
The program has adapted to address climate disasters, such as floods, but continues to experience disruptions. Additionally, there are gaps in supplementary immunization activities, particularly in areas where the virus remains active.
Pakistan, Egypt discuss trade and investment on sidelines of Sir Bani Yas Forum
- Both countries have strengthen bilateral ties in recent years, with Pakistan mostly focusing on Gulf states
- Egypt and Pakistan commemorated 75 years of diplomatic ties last year by issuing a joint postage stamp
ISLAMABAD: Pakistan and Egypt on Friday discussed enhanced economic cooperation in various areas as Deputy Prime Minister Ishaq Dar met Egyptian Foreign Minister Badr Abdelatty on the sidelines of the 15th Sir Bani Yas Forum held in the United Arab Emirates (UAE).
The three-day annual retreat, running from November 15 to 17, has brought together top decision-makers and experts from around the world to debate pressing Middle Eastern issues, including regional peace, security and economic transformation.
Dar was invited to the forum by his UAE counterpart, Sheikh Abdullah bin Zayed Al Nahyan, according to Pakistan’s foreign office.
The Pakistani deputy prime minister’s meeting with the Egyptian foreign minister was reported by the state-owned Associated Press of Pakistan (APP) news agency.
“During the meeting, they discussed Pakistan-Egypt cooperation and dialogue to promote bilateral trade, investment, and tourism,” it said.
Pakistan and Egypt have actively sought to strengthen their bilateral relations in recent years, though Islamabad has mostly focused on strengthening its economic relations with the Gulf countries.
Last year in August 2024, both nations commemorated 75 years of diplomatic ties by issuing a joint postage stamp, symbolizing their enduring partnership and mutual commitment to future collaboration.
Riyadh to host first fashion exhibition for Pakistani designers, raising hopes for collaboration
- The fashion exhibition will kick off on Saturday, featuring renowned names like Deepak Perwani and HSY
- Organizers say 80 percent of designers are from Pakistan, while the rest will participate from India and UAE
KARACHI: Riyadh will host its first-ever fashion exhibition spotlighting Pakistani designers on Saturday, with organizers saying the event will pave the way for stronger cultural and creative ties between Saudi Arabia and Pakistan.
The inaugural Riyadh Fashion Couture 2024, scheduled for November 16, is the brainchild of co-founders Sharmeen Ehsan, Ayesha Mohsin and Adnan Bashir Khan, who bring decades of experience in event management.
The exhibition will showcase emerging and established designers, with 80 percent of participants from Pakistan and the remainder from India, the United States, Dubai and Saudi Arabia.
Organizers hope the initiative will foster greater collaboration between the Pakistani and Saudi fashion industries.
“The purpose of hosting a Pakistani designers’ exhibition in Riyadh is to foster cultural exchange, promote the rich heritage of Pakistan, and create a platform for collaboration between the fashion and design industries of both nations,” Ehsan said while speaking to Arab News on Friday.
“For the first time, Riyadh will host a curated exhibition majorly featuring Pakistani designers, offering a fresh perspective on fashion and design from a region that has traditionally been underrepresented in the Saudi fashion scene,” she said, adding a majority of designers will be from Pakistan.
The designer lineup from Pakistan features renowned names such as Deepak Perwani, HSY, Agha Noor, Sadaf Amir, Maliha Studio, Anam Akhlaq and Komal Lakhani, among others.
Indian designers include Pam Mehta, Asma Gulzar, and Vibha Jewel, specializing in bridal couture and semi-formals.
“This exhibition will provide employment opportunities for local models, makeup artists and local designers,” Ehsan said.
“It will be a groundbreaking event for Riyadh, as it marks the first-ever showcasing of contemporary Pakistani design talent in the city,” she continued. “It will set the stage for future collaborations and growth in an emerging Middle Eastern fashion scene which has huge potential to grow.”
One of Pakistan’s most prominent designers, Deepak Perwani, who is already in Saudi Arabia for the exhibition, said this was the first time he was taking his collection to Riyadh.
“We have been showing in Dubai, Doha and Bahrain all the time but this is the first time we are doing it in Riyadh,” he told Arab News.
“I am sure there will be a market,” he added. “There is always a first time to try. There is a massive Pakistani and Indian population there. We are open to all diasporas but primarily I’m assuming it will be Pakistani diaspora who will come to us because they already know us.”
Perwani informed he will be exhibiting the winter collection, evening wear and semi-formal wear for the upcoming shadi and festive season.
Pakistani actress Sajal Aly, known for her role in the recently concluded and critically acclaimed drama serial “Zard Patton Ka Bunn,” will serve as the guest of honor at Riyadh Fashion Couture 2024.
“Riyadh is an emerging market and a burgeoning fashion hub with immense growth potential,” the event’s co-founder Ehsan said. “This exhibition will serve as a unique opportunity to showcase creativity, craftsmanship and innovation of Pakistani designers in various fields, including fashion, textiles, jewelry, interior design and accessories.”
Pakistan’s army chief flags non-state actors, disinformation as threats to global peace
- General Asim Munir says Pakistan expects Kabul not to allow its soil to be used for militancy
- He says absence of regulation over freedom of expression is deteriorating moral values
ISLAMABAD: Chief of Army Staff General Asim Munir on Friday identified violent non-state actors and the spread of disinformation as significant challenges to global peace while addressing a gathering in the federal capital, where he reaffirmed Pakistan’s commitment to promoting international stability.
The army chief made the remarks during a special session of the Margalla Dialogue, an annual conference that convenes policymakers, scholars and experts to discuss critical national, regional and global issues, where he highlighted Pakistan’s role in fostering global peace.
Organized by the Islamabad Policy Research Institute (IPRI), a local think tank, the conference provided a platform for the army chief to emphasize Pakistan’s contributions and express concerns about the issue of cross-border militancy.
“Terrorism by violent non-state actors and state-sponsored entities remains a significant global challenge,” the state-owned Associated Press of Pakistan (APP) news agency reported him as saying.
“We expect the Afghan interim government to ensure that Afghan soil is not used for terrorism against Pakistan and to take strict measures in this regard,” he added.
The army chief’s statement comes against the backdrop of a surge in militant violence in Pakistan’s western provinces bordering Afghanistan.
Officials in Islamabad have frequently accused Afghan authorities of “facilitating” cross-border attacks by armed factions, such as the banned Tehreek-e-Taliban Pakistan, which target civilians and security personnel— an allegation Kabul denies.
APP reported the army chief stated that Pakistan would not become part of any global conflict and would continue to play its role in promoting international peace and stability.
General Munir acknowledged the role of technology in disseminating information, though he cautioned that it also facilitated the rapid spread of disinformation.
He asserted that without comprehensive laws and regulations, disinformation and hate speech could destabilize political and social structures.
“Absence of proper regulations for freedom of expression is leading to the deterioration of moral values in societies worldwide,” he added.
The army chief expressed optimism about the country’s future, noting that about 63 percent of Pakistan’s population is under the age of 30, adding that the country was endowed with immense natural resources and had emerged as a major global agricultural producer.
He highlighted Pakistan’s significant role in the global freelancing industry and noted that its geographical location and seaports could position it as a vital trade hub for countries around the world.
