ISLAMABAD: Prime Minister Shehbaz Sharif on Friday invited American banks to invest in Pakistan’s infrastructure, energy, technology and agriculture sectors as the South Asian country seeks sustainable forms of external financing like direct investment.
On Friday, the IMF said Pakistan had received “significant financing assurances” from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad.
The IMF’s Executive Board on Wednesday approved the new $7 billion, 37-month loan agreement for Pakistan that will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”
The approval releases an immediate $1 billion disbursement to Islamabad.
On Friday, Sharif met a delegation of officials from top American banks in New York, including JP Morgan, Natixis Corporate & Investment Bank, Sumitomo Mitsui Banking Corporation, Goldman Sachs, Citizens Bank, Lazard and Audax Private Equity Partnering.
“The Prime Minister assured the delegation of the government’s commitment to maintaining a stable macroeconomic environment to facilitate foreign investors,” state broadcaster Radio Pakistan said in a report after the meeting.
“The Prime Minister informed the delegation about the key initiatives taken by the Government to stabilize the economy and attract foreign investment to Pakistan, including broadening the tax base, enhancing the ease of doing business, and ongoing reforms in the state-owned enterprises.”
These steps had resulted in improved economic indicators and the up-gradation of Pakistan’s credit rating by international rating agencies, including, Fitch and Moodys.
“He also briefed the delegation on the establishment of a Sustainable Finance Framework, which will allow the government to carry out a green and sustainability bond issuance in the international capital markets,” Radio Pakistan reported.
Islamabad had been working on implementing the IMF’s conditions, which Sharif had previously called “strict” to secure the 37-month loan program agreed in July.
One condition was to secure additional external financing, which the country was struggling to do.
The IMF said in a statement on Wednesday that Pakistan had taken key steps to restore economic stability with consistent policy implementation under the 2023-24 standby arrangement.
It added that growth had rebounded to 2.4 percent and inflation has receded significantly, falling to single digits, amid appropriately tight fiscal and monetary policies.
A contained current account and calm foreign exchange market conditions have allowed the rebuilding of reserve buffers, and the central bank of Pakistan has been able to cut the policy rate by a total of 450 bps since June, the statement said.
Despite this progress, it said, Pakistan’s vulnerabilities and structural challenges remain formidable, adding that the tax base remains too narrow.
“Without a concerted adjustment and reform effort, Pakistan risks falling further behind its peers,” it warned.
With inputs from Reuters
Pakistan invites investment from American banks as it seeks sustainable external financing
https://arab.news/j9zuc
Pakistan invites investment from American banks as it seeks sustainable external financing
- On Friday, Sharif met officials of top American banks including JP Morgan, Natixis Corporate & Investment Bank, Goldman Sachs
- IMF bailout loan is contingent on “continued strong financial support from Pakistan’s development and bilateral partners”
Pakistan says US should encourage India to engage in ‘comprehensive dialogue’
- Weeks after their worst military confrontation in decades, India and Pakistan have dispatched top lawmakers to press their cases in the US
- Pakistan team led by ex-foreign minister Bilawal Bhutto Zardari, India’s by one of its most prominent opposition politicians Shashi Tharoor
WASHINGTON: The head of a delegation visiting Washington DC to present Islamabad’s position following a recent military standoff with New Delhi said on Friday the United States should encourage India and Pakistan to engage in a “comprehensive dialogue.”
Weeks after their worst military confrontation in decades, India and Pakistan have dispatched top lawmakers to press their cases in the United States, where President Donald Trump has shown eagerness for diplomacy between them.
After crisscrossing the world, the delegations descended this week at the same time on Washington, which played a key mediatory role in a ceasefire after four days of fighting between the nuclear-armed adversaries in May.
In strikingly similar strategies, the rival delegations are both led by veteran politicians who have been critical of their countries’ governments and are known for their ease in speaking to Western audiences. Pakistan has embraced an active role for the Trump administration while India, which has close relations with Washington, has been more circumspect and has long refused outside mediation on the flashpoint Himalayan territory of Kashmir.
“Just like the United States and President Trump played a role in encouraging us to achieve this ceasefire, I believe they should play their part in encouraging both sides to engage in a comprehensive dialogue,” said Bilawal Bhutto Zardari, the scion of a political dynasty whose Pakistan People’s Party says it belongs neither to the governing coalition nor opposition.
“I don’t quite understand the Indian government’s hesitance,” Bhuttoo Zardari, the head of the Pakistani diplomatic delegation, told AFP.
“I’m the first to criticize the United States for so many reasons, but where they do the right thing, where they do the difficult task of actually achieving a ceasefire, they deserve appreciation.”
India’s delegation is led by one of its most prominent opposition politicians, Shashi Tharoor, a former senior UN official and writer.
He said he was putting the national interest first, despite disagreements domestically with Hindu nationalist Prime Minister Narendra Modi.
Tharoor said he heard “total support and solidarity for India” during his meetings with US lawmakers and a “complete understanding of India’s right to defend itself against terrorism.”
“NO EQUIVALENCE”
Gunmen on April 22 massacred 26 tourists on the Indian-administered part of Kashmir, most singled out as Hindus, in the deadliest attack on civilians in decades in the scenic region that has seen a long-running insurgency.
India accused Pakistan of backing the assailants — which it denies — and launched strikes on Pakistani territory. More than 70 people were killed in missile, drone and artillery fire on both sides.
“There can be no equivalence between a country sending terrorists and a country having its civilians killed, holiday-makers, tourists, men shot down in front of their wives and children after being asked their religion,” Tharoor told a news conference.
He said he was “puzzled” by those who believe denials of responsibility by Pakistan, pointing to how US forces found Osama bin Laden in the country.
Tharoor also noted that former Pakistani president Asif Ali Zardari, Bhutto Zardari’s father, had advocated peace with India but was in power during the siege of Mumbai on November 26, 2008.
“If they can’t control what they’re doing to us, why bother to talk to them?” said Tharoor, who pointed to the outsized role of the military in Pakistan.
“NEW NORMAL”
Trump has repeatedly credited his administration with averting nuclear war and said the United States had negotiated an agreement to hold talks between the two sides at a neutral site, an assertion that met India’s silence.
Pakistan had cool relations with Trump’s predecessor Joe Biden, whose aides bitterly resented Islamabad’s role in the Afghanistan war, but Pakistan has quickly worked to woo Trump including with the arrest of a suspect in a deadly 2021 attack that killed more than 170 people, including 13 US troops, during the withdrawal from Kabul.
Bilawal, recalling how his mother, former prime minister Benazir Bhutto, was killed in a terror attack, said Pakistan was ready to discuss terrorism with India but that Kashmir as a “root cause” also needed to be on the table.
He said that India was establishing a dangerous new precedent in South Asia where whenever there is a terrorist attack in any country, “you go straight to war.”
“I think that the fate of 1.7 billion people and our two great nations should not left in the hands of these nameless, faceless, non-state actors and this new normal that India is trying to impose on the region,” he said.
The two delegations have no plans to meet in Washington.
Pakistan moves to build ‘direct collaboration’ with New York Crypto Council
- CEO of Pakistan Crypto Council has been on a visit to the United States since last month
- Saqib has met over a dozen key US lawmakers, government officials, including New York mayor
KARACHI: Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, has met New York City Mayor Eric Adams, in a “key step” toward building “direct collaboration” between the crypto councils of Pakistan and New York, Saqib’s office said in a statement on Friday.
The minister, who is also the CEO of the Pakistan Crypto Council (PCC), has been on a visit to the United States since last month, where he has met over a dozen key US government officials and lawmakers to strengthen cooperation in the areas of digital assets, blockchain regulation, and financial innovation.
Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. Saqib last week also unveiled the country’s first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.
“Both New York City and Pakistan have taken bold steps by establishing dedicated Crypto Councils to support the responsible growth of the digital economy,” a statement from Saqib’s office said after he met Adams.
“This meeting marked a key step toward building direct collaboration between the New York Crypto Council and the Pakistan Crypto Council— two government-backed bodies committed to shaping the future of Web3.”
Adams and Saqib explored opportunities to co-develop knowledge-sharing initiatives, capacity-building programs, and strategic advisory efforts to foster innovation and also discussed regulatory compliance.
“This event marked the final stop on Minister Saqib’s official US tour focused on blockchain innovation, public-private partnerships, and advancing global crypto collaboration. The meeting at Gracie Mansion offered a fitting conclusion— highlighting New York City’s pivotal role in global tech leadership and Pakistan’s emergence as a bold new voice in the digital asset space,” the statement said.
Late last month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out.
On Thursday, Pakistan’s Finance Minister Muhammad Aurangzeb chaired a meeting at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in the country.
The law ministry tabled a draft of the proposed legal framework during the meeting, which was developed through close collaboration with members of the PCC, key stakeholders and technical experts.
“During the meeting, the draft was thoroughly reviewed and refined,” the Finance Division said. “It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.”
The draft legislation outlines a regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols and investor protection provisions, the statement said. The proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem, the statement added.
US fund commits $10 million for startup investment initiative led by Pakistani tech leaders
- Mehwish Salman Ali, Malik Mudassir to receive $10 million to invest in high-potential startups planning to scale US operations
- Target investment range is $250,000 to $1.5 million per startup, portfolio size will be 15-20 carefully selected companies over 2 years
ISLAMABAD: The JR Dallas Tech Fund on Friday announced a “groundbreaking” $10 million commitment to globally recognized technology leaders, Pakistan’s Mehwish Salman Ali and Malik Mudassir, to spearhead an exclusive US-focused startup investment initiative.
Under the agreement, Ali and Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the United States. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence, cloud computing, digital health, and frontier technology ventures.
“We are entrusting $10 million to two of the most visionary technology leaders of our generation,” said Jehangir A. Raja, Managing Partner at JR Dallas Tech Fund.
“Mehwish and Malik represent the perfect combination of technical expertise, entrepreneurial success, and strategic vision needed to identify the next generation of game-changing startups ready to conquer the American market.”
According to the statement by JR Dallas, economic impact projections of the funding include direct job creation, with portfolio companies expected to generate 300-500 high-skilled technology positions within 24 months.
The target investment range is $250,000 to $1.5 million per startup and focus areas are AI/Machine Learning, Cloud Infrastructure, Digital Health, Quantum Computing, Cybersecurity.
The portfolio size will be 15-20 carefully selected companies over 24 months.
The commitment will also strengthen Texas as a hub for international tech talent entering the US market and accelerate breakthrough technologies in AI, health care, and cloud infrastructure. Portfolio companies are also projected to contribute $50-100 million in US economic activity within three years.
Ali is the founder and CEO of Data Vault, Pakistan’s first solar-powered and quantum-encrypted AI data center, co-founder of Zahanat AI, the country’s first indigenous GPT model, and COO of AppsGenii Technologies.
As a TEDx speaker and Forbes Technology Council member, Ali’s track record in AI innovation, cybersecurity, and operational excellence “makes her uniquely qualified to identify transformative technologies ready for US market expansion,” JR Dallas said.
Mudassir is the founder & CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan, and co-founder of multiple successful ventures including GharPar, BoxesGen, and Dental Connect. He is also a Central Executive Committee Member at P@SHA, Pakistan’s largest IT trade association.
Pakistan condemns Israeli airstrikes in Lebanon on eve of Eid Al-Adha
- Israeli strikes pummelled southern suburbs of Lebanon’s capital late on Thursday, sending thousands fleeing
- Israeli strikes also hit southern Lebanese village of Ain Qana shortly after evacuation warnings were issued for the area
ISLAMABAD: The government of Pakistan on Friday “unequivocally” condemned airstrikes by Israeli forces on Beirut’s suburbs and parts of southern Lebanon on the eve of the Eid Al-Adha religious holiday, the foreign office said.
Israeli air strikes pummelled the southern suburbs of Lebanon’s capital late on Thursday, sending thousands of people fleeing on the eve of the Muslim feast day and prompting accusations by top Lebanese officials that Israel was violating a ceasefire deal.
At least 10 strikes hit Beirut’s southern suburbs — a sprawling area known as Dahiyeh — in a wave of bombing that began about 90 minutes after the Israeli military issued evacuation warnings for four sites in the area.
It was the fourth time that Dahiyeh has been bombed since a US-brokered truce in November ended a year-long war between Israel and Iran-backed Lebanese armed movement Hezbollah.
“These attacks, launched on the eve of Eid Al-Adha, constitute a blatant violation of international law, sovereignty of Lebanon, and the ceasefire agreement of November 2024,” the Pakistani foreign office said.
“The reckless use of force threatens civilian lives, fuels regional instability, and undermines efforts for lasting peace.”
Pakistan urged the international community, particularly the United Nations and ceasefire mediators, to take “immediate action to hold Israeli occupying forces accountable and prevent further escalation.”
The Israel-Hezbollah ceasefire says Hezbollah must pull all military equipment and fighters out of southern Lebanon and says all non-state militant groups must be disarmed across the country.
The Israeli military said on Thursday it was planning to strike “underground UAV production infrastructure sites that were deliberately established in the heart of the civilian population” in Dahiyeh.
It said Hezbollah was producing thousands of drones there, “with the direction and funding of Iranian terrorists.”
There was no immediate comment from Hezbollah, which in the past has denied placing military infrastructure in civilian areas.
Israeli strikes also hit the southern Lebanese village of Ain Qana, according to Lebanese state media, shortly after evacuation warnings were issued for the area.
The attacks occurred as the Muslim holiday Eid Al-Adha was due to begin on Thursday. The strikes “generated renewed panic and fear on the eve of Eid Al-Adha,” the Office of the United Nations Special Coordinator for Lebanon said on X.
Lebanese President Joseph Aoun and Prime Minister Nawaf Salam both condemned the attacks as a “blatant violation” of international agreements.
With inputs from Reuters
Trump says brokered India-Pakistan ceasefire on trade warning, threat of nuclear war
- India and Pakistan reached US-brokered ceasefire on May 10 to end hostilities that had spiraled alarmingly, threatening regional peace
- Between May 7-10, two sides used fighter jets, drones, missiles, artillery to attack each other in worst fighting between them in decades
ISLAMABAD: President Donald Trump said this week he had brokered a ceasefire between India and Pakistan last month through a trade warning and because of the threat of the conflict spiraling into a nuclear war.
Nuclear-armed neighbors India and Pakistan reached an understanding to stop all military actions on land, in the air and at the sea on May 10 in a US-brokered ceasefire to end escalating hostilities that had spiraled alarmingly, threatening regional peace.
The two sides used fighter jets, drones, missiles and artillery to attack each other in the worst fighting between them in decades, leaving around 70 people dead on both sides of the border.
Speaking at the White House where he was hosting German Chancellor Friedrich Merz, Trump said on Thursday he was “proud” that he has been able to broker the truce.
“I spoke to some very talented people on both sides ... and I said, you know, we’re dealing with you on trade, Pakistan and India right now. I said we’re not going to deal with you on trade if you’re going to go shooting each other and whipping out nuclear weapons that maybe even affect us,” Trump said.
“Because you know that nuclear dust blows across oceans very quickly, it affects us.
“And I said if you’re going to do that, we’re not going to do any trade deals, and you know what, I got that war stopped.”
He credited the “good and strong” leadership of both countries for backing off from the military confrontation.
Since the ceasefire, Pakistan has repeatedly thanked Trump for his mediation during the crisis while India rejects it acted due to US pressure.
Pakistan and India have a history of bitter relations and both countries have fought three wars, two of them over the disputed region of Kashmir. The latest military conflict between them was also triggered by a gun attack in Indian-administered Kashmir that killed 26 tourists on April 22.
India struck multiple Pakistani cities on May 7, blaming the April 22 attack on Pakistan. Islamabad denied any complicity in the assault and reciprocated with similar strikes against Indian military targets. A ceasefire was brokered on May 10 after both countries struck each other’s air bases, airfields and other military facilities.
