WASHINGTON: Pakistan is targeting around $1 billion in a formal request for funding from the IMF facility that helps low and middle-income countries manage external shocks, its finance minister told Reuters.
“We have formally requested to be considered for this facility,” Finance Minister Muhammad Aurangzeb said in an interview on the sidelines of the IMF/World Bank autumn meetings in Washington.
The International Monetary Fund had already agreed a $7 billion bailout for Pakistan, but has further funding available via its Resilience and Sustainability Trust (RST).
The RST, created in 2022, provides long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
The South Asian nation is one of the most vulnerable countries to climate change according to the Global Climate Risk Index.
Floods in 2022, which scientists said was aggravated by global warming, affected at least 33 million people and killed more than 1,700. The country’s economic struggles and high debt burden impinged its ability to respond to the disaster.
Pakistan is also in talks with the Asian Infrastructure Investment Bank for a credit enhancement for a planned Panda bond, with an initial issue of $200-250 million, Aurangzeb said.
A Panda bond issuance would be Pakistan’s first foray into China’s capital markets. Aurangzeb said they were talking to “a few other institutions” in addition to the AIIB for a credit enhancement.
Issuing in the world’s “second largest and the second deepest” capital market, Aurangzeb said, was the key aim, rather than a particular issuance size.
“From our perspective it is diversification of the funding base,” Aurangzeb. “Even if the inaugural issue is not significant in size, for us it is important that we print that and of course then we can keep it on tap.”
Pakistan formally requests IMF RST money, targeting $1 bln, finance minister says
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Pakistan formally requests IMF RST money, targeting $1 bln, finance minister says
- Created in 2022, RST provides long-term concessional cash for climate-related spending
- Pakistan is one of the most vulnerable countries to climate change, as per Global Climate Risk Index
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.
Pakistan says ‘CPEC 2.0’ to attract more Chinese companies and investment
- CPEC, a multi-billion-dollar project, connects China and Pakistan through network of highways, railways and pipelines
- Pakistan says CPEC’s second phase will involve advanced technological transfer, and focus on industrialization and SEZs
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb said on Sunday that the second phase of the China-Pakistan Economic Corridor (CPEC) project will attract more Chinese investment and companies, as Islamabad eyes greater collaboration with Beijing to bolster its economy.
CPEC is a multi-billion-dollar project that connects China and Pakistan through a network of highways, railways and pipelines. In December 2024, Pakistan announced that both countries would work on the CPEC project with a renewed focus.
The government has said that the second phase of the CPEC project would be known as “CPEC 2.0” and would involve deeper collaboration, advanced technological transfer and transformative socio-economic projects.
“Finance Minister Muhammad Aurangzeb stressed the importance of CPEC 2.0,” Pakistan’s finance ministry said while speaking to Hong Kong’s TVB News.
“The second phase of the China-Pakistan Economic Corridor will attract more Chinese companies and investment,” the finance minister said.
Aurangzeb, who this week attended the Asian Financial Forum in Hong Kong, invited the Asian country to send delegations to explore trade and financial opportunities in Pakistan.
“Hong Kong can be a suitable location for joint ventures between Chinese and Pakistani companies,” the finance minister was quoted as saying.
Pakistan’s foreign ministry said last week that the second phase of the project would focus on industrialization and Special Economic Zones (SEZs) as well as on clean energy, agriculture and livelihood projects.
However, the project has been hit by Islamabad struggling to keep up financial obligations as well as attacks on Chinese targets by militants, especially in the country’s southwestern province.
Pakistan’s Sajid and Abrar demolish West Indies in first Test win
- Sajid Khan takes 5-50 and match figures of 9-115 to bamboozle West Indies
- Test lasted fewer than 8 sessions, with start delayed on first day by poor visibility
Multan, Pakistan: Spinner Sajid Khan took five wickets and Abrar Ahmed another four to guide Pakistan to a 127-run win on the third day of the first Test against West Indies in Multan on Sunday.
Sajid took 5-50 for match figures of 9-115, while leg-spinner Abrar Ahmed snared 4-27 as West Indies were dismissed for 123, falling well short of their victory target of 251.
Pakistan’s spinners took all the wickets in West Indies’ second innings, with Noman Ali chipping in with 1-42, as the home side took an early advantage in the two-Test series.
Left-handed batter Alick Athanaze hit 55, the only half-century of the match for the tourists, and added 41 runs for the sixth wicket with Tevin Imlach.
Sajid removed the dangerous Athanaze, while Abrar’s haul included the final wicket of Jomel Warrican.
Left-armer Warrican had led the spin attack for the tourists with a career-best 7-32 as Pakistan were bowled out for 157 in their second innings.
They were also the best figures by a West Indian bowler in Pakistan, topping fast bowler Malcolm Marshall’s 5-33 at Lahore in 1986.
The Test lasted fewer than eight sessions, with the start delayed on the first day by poor visibility.
The Multan pitch provided sharp turn, with Sajid taking the wickets of skipper Kraigg Brathwaite (12), Keacy Carty (six), Kavem Hodge (0) and Mikyle Louis (13).
Noman then trapped Justin Greaves leg before wicket for nine in the last over before lunch, leaving the tourists tottering on 54-5.
Pakistan had resumed earlier on 109-3 but managed to add just 48 runs.
Warrican’s nagging line and length earned him match figures of 10-101, his first 10-wicket match haul.
He dismissed overnight batter Saud Shakeel for two with the first ball of the day and then had Mohammad Rizwan for the same score in his next over.
Warrican continued the demolition act with the wickets of Kamran Ghulam (27), Noman (nine) and Sajid (five).
The second match starts on January 25, also in Multan.
Pakistan livestock exhibition in Karachi draws over 1.2 million visitors in two days
- Three-day expo showcases 2,000 animals, over 1,000 birds, numerous reptiles, falcons and pets
- Sindh livestock official says event’s main purpose is to connect breeders, investors and farmers
KARACHI: Pakistan’s largest livestock exhibition featuring thousands of animals in the southern port city of Karachi has drawn more than 1.2 million visitors in the past two days, as per an official, with the three-day event set to conclude today, Sunday.
The exhibition has been organized by the Sindh government at the city’s Expo Center. It showcases a diverse range of livestock which includes over 2,000 animals, 1,000 birds and numerous reptiles, falcons and domestic pets.
Dr. Nazeer Hussain Kalhoro, director-general of the Sindh Livestock Department, told Arab News on Saturday that the main purpose of the event was to ensure collaboration among breeders, investors and farmers.
“The motto of this Sindh livestock expo is to connect, collaborate and thrive,” Kalhoro said.
“So, we are connecting people, and then we are signing MoUs to collaborate with each other. And then finally, there will be the development when we will thrive together.”
The official said that this was set to be the “largest Pakistan expo ever we have seen,” adding that the exhibition had been visited by 0.6 million people daily since it began on Friday.
He said the numbers were expected to increase on the last day, which was a Sunday.
Shakir Umar Gujar, president of the Dairy & Cattle Farmers Association, said it is essential to showcase Pakistan’s livestock globally through such exhibitions.
“At the same time, these expos help farmers learn and adopt measures to enhance their production,” he said.
“Livestock is a crucial component of the national economy, and such exhibitions are beneficial for farmers.”
Syed Nazeer Hussain, 45, was happy his children got to learn about the various animals in the country through the expo.
“They’ll get to see and learn about our culture, the various breeds of animals we have in Pakistan, and gain awareness while being entertained,” he told Arab News.
Dr. Kalhoro pointed out that climate change, combined with issues such as water scarcity and outdated farming technologies, has drastically altered Pakistan’s agricultural landscape. This added to the livestock sector’s importance.
“When we got independence in 1947, the contribution of the crop sector was about 68 percent, and the livestock sector was only 32 percent,” he said.
“Now this has been reversed because of climate change, because of the unavailability of the water, different technologies, and the seed problem.”
This shift, he noted, is directly tied to climate variability, which has led to poor crop yields, rising costs, and an overall decline in traditional farming practices.
Livestock, on the other hand, was thriving and the provincial government was trying to use it to generate capital for the country.
“Pakistan is having 225 million herds of livestock farmed livestock,” Dr. Kalhoro said. “It means that we are now harboring the third largest herd of milk-based or meat-based animals in the world,” he said.
Muhammad Mikael Abbas, a student of grade five, was quite enthralled with the exhibition’s offering.
“I saw cows, goats, sheep, dogs, parrots, and birds of all breeds,” Abbas said. “It was really enjoyable, and we’re still exploring to see what else might be here.
“We’ll check everything out.”
21 Pakistani nationals among survivors of Morocco boat tragedy— FO
- Migrant boat sank off Morocco’s coast this week with reportedly 86 on board
- Pakistan says coordinating with Morocco to finalize repatriation procedures
ISLAMABAD: Twenty-one Pakistani nationals are among the survivors of a migrant boat that sank off the coast of Morocco recently, the foreign office said on Sunday, stating that food and medicines were being arranged for them.
Pakistan’s foreign office confirmed on Thursday that a migrant boat with 80 passengers on board, including several Pakistanis, had capsized near Morocco en route to Spain.
According to Moroccan authorities, 36 people were rescued on Wednesday from the vessel, which had departed Mauritania on Jan. 2. The boat had 86 migrants on board, including 66 Pakistanis, according to minority rights group Walking Borders.
“Based on verified information, twenty-one Pakistani nationals have been identified among the survivors of a maritime incident near Dakhla, Morocco,” the foreign office said in a statement.
“Through our diplomatic mission in Rabat, immediate assistance has been mobilized for the affected nationals,” it added.
The foreign office said it had arranged essential provisions including food, water, medicine and clothing for the survivors through the Pakistan embassy in Rabat. It said local authorities in Dakhla are providing shelter and medical care in response to Pakistan’s diplomatic outreach.
“Government remains in close coordination with relevant authorities in Morocco to ensure comprehensive support for our affected citizens and finalize repatriation procedures,” the foreign office said.
“We are committed to safeguarding the welfare of overseas Pakistanis and will continue to monitor the situation closely,” it said.
The development takes place after Pakistan’s Deputy Prime Minister Ishaq Dar, who also serves as Pakistan’s foreign minister, held a meeting in Islamabad to review the situation on Saturday.
Media reports claim almost all the Pakistanis who were on the boat were from cities in the eastern Punjab province.
The government has intensified its efforts in recent months against human smugglers who facilitate perilous journeys for illegal immigrants to Europe and has made several arrests.
Prime Minister Shehbaz Sharif has called for enhanced cooperation with international agencies, seeking swift action against human trafficking networks.
The incident near Morocco once again highlighted the perilous journeys many migrants, particularly Pakistanis, undertake due to conflict and economic instability in their home country.
In 2023, hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel sank in international waters off the southwestern Greek town of Pylos.
It was among the deadliest boat disasters ever recorded in the Mediterranean Sea.
