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
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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
Top Bangladeshi commander meets Pakistan Navy officials, discusses regional maritime security
- The development comes amid a thaw in relations between both nations since PM Sheikh Hasina’s ouster in August
- The two sides discussed joint military exercises, reciprocal visits and training exchange programs, Pakistan Navy says
ISLAMABAD: Lt. Gen. SM Kamr-ul-Hassan, principal staff officer (PSO) of the Bangladesh armed forces division, on Sunday met senior Pakistan Navy officials and discussed with them regional maritime security cooperation, Pakistan Navy said.
Lt. Gen. Hassan toured Pakistan Navy ships and units during his visit to the southern Pakistani port city of Karachi, according to the Directorate General Public Relations (DGPR) of Pakistan Navy.
He met Pakistan Fleet Commander Rear Admiral Abdul Munib, Coast Commander Rear Admiral Faisal Amin and Managing Director of Karachi Shipyard & Engineering Works (KS&EW) Rear Admiral Salman Ilyas.
“During these engagements, discussions focused on professional matters of mutual interests, including regional maritime security and bilateral defense collaboration,” the DGPR said in a statement.
“Various potential areas of cooperation were highlighted, such as joint military exercises, reciprocal visits, and training exchange programs between the two countries.”
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
In the years since, Bangladeshi leaders, particularly former prime minister Sheikh Hasina, chose to maintain close ties with India. Relations between Pakistan and Bangladesh have warmed up since Hasina’s ouster as a result of a student-led uprising in August, witnessing a marked improvement.
“The visit of Lt. Gen. SM Kamrul Hassan is expected to further strengthen defense ties between the two brotherly nations, enhancing cooperation and solidifying the bonds between the armed forces of Pakistan and Bangladesh,” Pakistan Navy said.
Lt. Gen. Hassan, who is currently on a visit to Pakistan, this week met Chief of Army Staff (COAS) General Asim Munir in Rawalpindi, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing. During the meeting, both military commanders stressed the need for an enduring partnership between the two countries to remain “resilient against external influences.”
Earlier in the day, the Trade Development Authority of Pakistan (TDAP) said it would send two trade delegations to Bangladesh on Jan. 19-20 to increase bilateral relations and economic collaboration as both countries move to repair strained ties.
“The first delegation of dates comprising 13 exporters will leave for a week-long visit on Jan. 19 while the second delegation of citrus will leave for a business-to-business (B2B) meeting on Jan. 20,” the TDAP said.
The delegations will explore more trade opportunities, promote business partnerships and Pakistan’s export potential in the Bangladeshi market, it added.
The development comes days after the signing of a landmark agreement between Pakistan and Bangladeshi businesspersons to establish a joint business council between the two countries.
Pakistan’s Deputy Prime Minister Ishaq Dar is also scheduled to visit Dhaka at the start of February to further consolidate the relations between the two countries.
Pakistan to launch yuan-denominated Panda bonds by June, finance minister says
- The South Asian country intends to raise approximately $200 million from Chinese investors through Panda bonds
- Muhammad Aurangzeb says the move is part of a strategy to achieve sustainability in Pakistan’s balance of payments
ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that Pakistan plans to launch yuan-denominated Panda bonds in June to enhance its presence in Chinese capital markets, Pakistani state media reported on Sunday.
The development follows an upgrade in Pakistan’s sovereign rating by all three major credit agencies. The country aims to get into the “single-B” category that would allow it to return to global bond markets to raise funds.
Aurangzeb said the South Asian country intends to raise approximately $200 million from Chinese investors through the issuance of the Panda bonds, the Radio Pakistan broadcaster reported.
“This step is part of a broader strategy to transition Pakistan’s economy toward export-driven growth, with a focus on achieving sustainability in the country’s balance of payments,” he was quoted as telling Hong Kong’s TVB news channel.
The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September. The government is optimistic it will meet the terms of the program.
Pakistan is being advised on the issuance of Panda bonds by the China International Capital Corporation, a partially state-owned financial services company, according to the finance minister. However, the latest figure is lower than the $300 million targeted by Pakistan last year.
Aurangzeb extended an invitation to Hong Kong to send delegations to explore trade and financial opportunities in Pakistan, according to the Radio Pakistan report.
“Hong Kong could serve as a strategic hub for joint ventures between Chinese and Pakistani companies,” he said.
To revive its $350 billion economy, Pakistan has been making efforts to position itself as a regional trade and transit hub by leveraging its strategic geopolitical position.
The South Asian country has witnessed a flurry of visits, investment talks and economic activity involving officials from Saudi Arabia, United Arab Emirates, China and Central Asian nations in recent months.
Pakistani security forces kill five militants in volatile southwest — military
- The militants were killed while attempting to ‘infiltrate’ Pakistan’s border in Balochistan’s Zhob district
- Islamabad blames a surge in militancy on militants operating out of Afghanistan, Kabul denies allegation
ISLAMABAD: Pakistani security forces have gunned down five militants in the country’s southwestern Balochistan province, the Pakistani military said on Sunday.
Balochistan, Pakistan’s largest province in terms of landmass that borders Iran and Afghanistan, has been the site of a low-level insurgency by Baloch separatists and religiously motivated militant groups.
The militants were killed while attempting to infiltrate Pakistan’s border in Balochistan’s Zhob district, according to the Inter-Services Public Relations (ISPR), the military’s media wing.
“Pakistan has consistently been asking Interim Afghan Government to ensure effective border management on their side of the border,” the ISPR said in a statement.
“Interim Afghan Government is expected to fulfill its obligations and deny the use of Afghan soil by Khwarij [Pakistani Taliban militants] 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 (KP) province. The group has also maintained some presence in Balochistan.
This week, Pakistani security forces also killed 27 militants in an intelligence-based operation in Balochistan’s Kacchi district, according to the ISPR. The deceased militants had been involved in militant activities against security forces as well as innocent civilians and were “highly wanted” by law enforcement agencies.
Islamabad has frequently accused neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement, insisting Pakistan’s security issues are an internal matter of Islamabad.
Masood defends Pakistan’s spin-spiced formula after West Indies win
- Pakistan completed the win before tea on the third day as spinners Sajid Khan grabbed 5-50 and Abrar Ahmed finished with 4-27
- The Test lasted fewer than eight sessions on a dry, grassless Multan Stadium pitch, with spinners taking 34 of 40 wickets to fall
MULTAN: Skipper Shan Masood defended Pakistan’s formula of using spin-friendly pitches to win home Test matches after a 127-run victory over the West Indies in Multan on Sunday.
Pakistan completed the win before tea on the third day as spinners Sajid Khan grabbed 5-50 and Abrar Ahmed finished with 4-27 to dismiss the West Indies for 123 after setting a 251-run target.
The Test lasted fewer than eight sessions on a dry and grassless Multan Stadium pitch, with spinners taking 34 of the 40 wickets to fall.
Sajid finished with nine wickets, fellow spinner Noman Ali six and the West Indian left-armer Jomel Warrican took a maiden 10-wicket haul.
Pakistan bowled just one over of pace in the match.
“If we want to be a top side in the World Test Championship then we have to sacrifice some things, like we did with the fast bowling in this Test,” Masood said.
Pakistan made drastic changes after going winless in 11 home Tests since 2021, using industrial fans and patio heaters to dry the Multan pitch against England last year.
Sajid and Noman took 39 of the 40 wickets to give Pakistan a come-from-behind 2-1 series win against England, repeating the same ploy against the West Indies.
Masood’s captain counterpart Kraigg Brathwaite had no issue with it.
They will play the second Test from January 25 at the same venue.
“They’re at home so they got their decision how they want the pitch to behave,” said Brathwaite.
“It was a difficult pitch to bat on for sure.
“We expect the same type of pitch in the second Test so we got to come better with bravery and belief.”
Left-hander Alick Athanaze hit the only half-century for the tourists in the match with 55, an innings Brathwaite wants his batters to learn from.
“He swept it on both sides so we just have to be brave,” said Brathwaite.
“We have got one more Test and we have to believe in ourselves.”
Pakistan to send trade delegations to Bangladesh on Jan. 19, 20 amid thaw in ties
- Pakistan to send business delegations of citrus, date fruits to Bangladesh next week
- Trade exhibition to showcase Pakistan’s potential in Bangladeshi market, says organizer
ISLAMABAD: The Trade Development Authority of Pakistan (TDAP) said on Sunday it will send two trade delegations to Bangladesh from Jan. 19-20 in a bid to increase bilateral relations and economic collaboration, as both countries move to repair strained ties.
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
In the years since, Bangladeshi leaders, particularly former prime minister Sheikh Hasina, chose to maintain close ties with India. Relations between Pakistan and Bangladesh have warmed up since Hasina’s ouster as a result of a student-led uprising in August 2024, witnessing a marked improvement.
The TDAP said that it would send two Pakistani trade delegations focusing on the trade of date fruits and citrus between the two countries.
“The first delegation of dates comprising 13 exporters will leave for a week-long visit on Jan. 19 while the second delegation of citrus will leave for a business-to-business (B2B) meeting on Jan. 20,” the TDAP said.
It said the business delegations aimed to explore more trade opportunities, promote business partnerships and Pakistan’s export potential in the Bangladeshi market.
Muhammad Zubair Motiwala, TDAP chief executive, said the authority planned to organize a trade exhibition in Bangladesh where Pakistani entrepreneurs will have a chance to showcase their products.
“Pakistan is one of the top ten importers of Bangladesh, covering sectors such as textiles, agriculture, food, chemicals and basic metals, but there is still room for further expansion of these imports,” he said.
He said both countries have been in talks for a Free Trade Agreement (FTA) since 2002, adding that it could pave the way for greater opportunities for the people of both countries.
The development comes after Tuesday’s signing of a landmark agreement between Pakistan and Bangladeshi businesspersons to establish a joint business council between the two countries.
Pakistan’s Deputy Prime Minister Ishaq Dar is also scheduled to visit Dhaka at the start of February to further consolidate the relations between the two countries.
