Pakistan preparing to debut yuan-denominated bonds this year, finance minister says

A Pakistani currency dealer counts Chinese currency for his customer at his shop in Quetta on January 3, 2018. (AFP/File)
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Updated 13 January 2025
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Pakistan preparing to debut yuan-denominated bonds this year, finance minister says

  • Pakistan planning to raise $200 million to $250 million from Chinese investors over next six to nine months
  • Government is optimistic it will meet the terms for an ongoing $7 billion IMF loan, finance minister says

ISLAMABAD: Pakistan is preparing to debut yuan-denominated bonds this year to shore up finances, Finance Minister Muhammad Aurangzeb told Bloomberg in an interview Monday, saying his government remained optimistic it would meet the terms of an International Monetary Fund bailout program.

The South Asian nation is planning to raise up to $250 million from Chinese investors over the next six to nine months, Aurangzeb said of the plan that comes as Pakistan’s sovereign rating has been upgraded recently by all three credit agencies. Aurangzeb said he expected further upgrades, and the challenge was to get into a “single-B” category, which would allow the country to return to global bond markets to raise funds.

“The country is very keen to tap the Panda bonds and the Chinese capital markets,” Aurangzeb said on the sidelines of the Asian Financial Forum in Hong Kong. “We have been remiss as a country not to tap it previously.”

The latest figure is slightly lower than the $300 million the finance minister was targeting in a March 2024 interview. China International Capital Corporation is advising Pakistan on the issuance of Panda bonds, Aurangzeb said.

Pakistan has enjoyed some stability from two years ago when an IMF bailout deal was in limbo and inflation and interest rates were above 20 percent. The government is optimistic it will meet the terms for an ongoing $7 billion loan, the finance minister said. 

The IMF, which is scheduled to visit Pakistan next month, wants Pakistan to broaden its tax base and reach a tax-to-GDP ratio of 13.5 percent, from 10 percent in December, Aurangzeb said.

“We are well on our way to achieve that target, not only because the IMF is saying that but because from my perspective the country needs to get into that benchmark to make our fiscal situation sustainable,” he said.

After Pakistan clinched the IMF bailout last year, it has been getting some reprieve, including from cooling inflation that provides space for policymakers to cut borrowing costs further and help prop up a nation that remains hammered by structural weaknesses. Stronger remittances, a bright spot, have also helped shore up currency reserves.

The rupee, as a result, rose about 2 percent in 2024, among best performers in emerging markets. The benchmark stock index outperformed nearly all other equities markets last year.

Pakistan still remains in a tough spot.

The government has to increase taxes to secure a fresh $1 billion loan tranche from the IMF or miss the lender’s tax revenue requirement for fiscal year ending June 2025 which could put the bailout at risk, Bloomberg Economics’ Ankur Shukla said in a note on Jan. 8.

Having gone through 25 loan programs over half a century, Pakistan must institute durable reforms in key areas of the energy sector, tax collection and state-owned enterprises to end a cycle of indebtedness, Aurangzeb told an IMF forum in October.

On Monday, Aurangzeb said the nation’s gross domestic product would probably expand 3.5 percent in the fiscal year ending June. Pakistan had set a 3.6 percent economic growth target after a 2.5 percent expansion the prior financial year.

The State Bank of Pakistan, which has cut the benchmark rate to the lowest in more than two years, is scheduled to announce its decision on Jan. 27 while inflation is expected to stabilize within the target range of 5 percent–7 percent in the next 12 months.

“We are into that phase of stabilization,” Aurangzeb said. “Now where do we go from here? We have to focus on sustainable growth. We are now very focused on fundamentally changing the DNA of the economy to make it export-led.”


Pakistan to unveil Economic Survey 2024-25 on Monday

Updated 08 June 2025
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Pakistan to unveil Economic Survey 2024-25 on Monday

  • The survey will include details about performance and trends of various sectors in outgoing fiscal year
  • The survey will be followed by federal budget, which is expected to lay out targets for macroeconomic stability

ISLAMABAD: Pakistan will unveil its Economic Survey 2024-25 tomorrow, Monday, and detail major socio-economic achievements of the outgoing fiscal year, Pakistani state media reported.

The survey will include details about performance and economic trends of various sectors, including agriculture, industry, services, energy, information technology and telecommunications, capital markets, health, education and transport.

Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protection will also be part of the survey.

“Finance Minister Muhammad Aurangzeb will release the Economic Survey-2024-25 at a ceremony to be held in Islamabad,” the Radio Pakistan broadcaster reported.

The survey will be followed by the presentation of the national budget. The earlier dates for the announcement of Economic Survey 2024-25 and federal Budget 2025-26 were June 1 and June 2, respectively, but the government extended the dates to June 6 and June 7.

Pakistan is currently bolstered by a $7 billion International Monetary Fund (IMF) program and is navigating a long path to economic recovery. The country’s annual inflation rate rose to 3.5 percent in May, though its macroeconomic outlook has improved in recent months, supported by a stronger current account balance and increased remittances.

The Pakistani government says it remains committed to maintaining macroeconomic stability, accelerating structural reforms, and ensuring that economic growth translates into real and inclusive progress for all citizens.

Earlier this month, Planning Minister Ahsan Iqbal announced the government has allocated Rs1 trillion ($3.5 billion) for development projects in the upcoming budget for fiscal year 2025-26.


Pakistan to face off Myanmar in AFC Asian Cup qualifier on Tuesday

Updated 08 June 2025
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Pakistan to face off Myanmar in AFC Asian Cup qualifier on Tuesday

  • The Pakistan team arrived in Yangon via private airline flight on Sunday
  • Pakistan are placed in Group E alongside Myanmar, Afghanistan, and Syria

ISLAMABAD: Pakistan will face off Myanmar on Tuesday to qualify for the 2027 AFC Asian Cup tournament, the Pakistan Football Federation (PFF) said on Sunday.

The Pakistan team arrived in Yangon via private airline flight on Sunday, according to the PFF. They will train in Yangon on Monday.

“The match between Pakistan and Myanmar will be held at Thuwana Stadium,” it said. “It will start at 3:30 PM according to Pakistani time.”

Pakistan have been training under the supervision of head coach Stephen Constantine in hopes of bouncing back from a 2-0 defeat to Syria in the campaign opener back in March.

Pakistan are placed in Group E alongside Myanmar, Afghanistan, and Syria.


At least five injured as fire engulfs multiple factories in Pakistan’s Karachi

Updated 08 June 2025
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At least five injured as fire engulfs multiple factories in Pakistan’s Karachi

  • The city, home to hundreds of thousands of industrial units, has fragile firefighting system and poor safety controls
  • In November last year, a blaze erupted at a shopping mall killing around a dozen people and injuring several others

KARACHI: At least five persons were injured after a fire engulfed multiple factories in the southern Pakistani port city of Karachi, Rescue 1122 officials said on Sunday, with efforts underway to douse the blaze.

The fire affected four factories, including YG Textile and MF Roomi Textile, at the Landhi Export Processing Zone, with 11 fire brigade trucks and one snorkel taking part in the firefighting operation.

The operation was facing difficulties due to the intensity of smoke and shortage of water in the city of roughly 20 million people, according to rescue officials.

“Five people were injured after part of an affected building collapsed,” Rescue 1122 spokesperson Hasaan Khan told Arab News. “The injured were shifted to the hospital.”

The Rescue 1122 team is making efforts to control the blaze by utilizing all possible resources, Khan added.

Karachi, Pakistan’s largest city and commercial capital, is home to hundreds of thousands of industrial units and some of the tallest buildings in the South Asian country. The megapolis, known for its fragile firefighting system and poor safety controls, witnesses hundreds of fire incidents annually.

In Nov. last year, a blaze at a shopping mall killed around a dozen people and injured several others. In April 2023, four firefighters died and nearly a dozen others were injured after a blaze erupted at a garment factory, while 10 people were killed in a massive fire at a chemical factory in the city in August 2021.

In the deadliest such incident, 260 people were killed in 2012 after being trapped inside a garment factory when a fire broke out.


Volleyball returns to Azad Kashmir border village as fragile India-Pakistan ceasefire holds

Updated 08 June 2025
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Volleyball returns to Azad Kashmir border village as fragile India-Pakistan ceasefire holds

  • As guns fall silent in Battal sector, youth return to riverside ground with message of peace, memories of fallen friend
  • Anwar Taskeen, 17-year-old student and regular at the matches, was killed in shelling hours before May 10 ceasefire

Battal Sector, Azad Kashmir: On a dusty, uneven patch of ground beside the Poonch River, the rhythmic thud of a volleyball hitting palms and sand rose above the late afternoon quiet. 

It’s a familiar sound in the border village of Jhawara, located in the Poonch district of Azad Kashmir, the part of the disputed Himalayan region of Kashmir that is governed by Pakistan. But until recently, it had fallen silent under the roar of artillery and gunfire.

Just weeks ago, the area bore the brunt of intense cross-border shelling between India and Pakistan. The Line of Control (LoC), a jagged and heavily militarized de facto boundary slicing through the disputed region, once again became a flashpoint for conflict, forcing families into hiding and pausing everyday joys like this daily volleyball match.

Now, with a tenuous ceasefire in place since May 10 — brokered with help from Washington — the boys are back on the field. 

For them, the return to play is more than a pastime. It’s an act of defiance, remembrance, and quiet hope.

“There has been firing here before but now it doesn’t feel scary,” said Hamid Fareed, 18, as he waited to serve. “There is a ceasefire in place now, which is why we play with peace of mind. Before, when there used to be firing, we didn’t play here.”

People are playing volleyball in the border village of Jhawara, located in the Poonch district of Azad Kashmir, on May 23, 2025. (AN photo)

The Battal sector, situated at one of the most sensitive stretches of the LoC, was at the heart of last month’s escalation, with the shelling so heavy residents were forced to evacuate, and even the simple joy of a volleyball match became too dangerous to risk.

Among those displaced were the families of the boys who now fill the field each evening from 4pm until the sunset maghrib prayer. Many had sought shelter with relatives in safer villages farther from the border during the latest fighting. Others, like Fareed, stayed behind but refrained from venturing out unnecessarily.

The violence still didn’t spare the players. Anwar Taskeen, a 17-year-old student and regular at the matches, was killed in shelling on his home just hours before the ceasefire was announced.

“Our brother who got martyred [on May 10, 2025] used to play volleyball with us,” said Muhammad Nawaz, one of Anwar’s closest friends. “He used to come every day.”

“When they [Indian forces] fire, they target civilians and army posts as well,” he added.

The picture shows Anwar Taskeen, a 17-year-old student who was killed in shelling on his home just hours before India-Pakistan ceasefire. (AN photo)

SYMBOL OF NORMALCY

Now that calm has returned, at least for the moment, the boys are determined to reclaim the ground and the normalcy it represents. Most days, they split into two teams of six, playing until darkness falls. Laughter, shouts, and the squeak of rubber slippers on hard soil fill the air.

But the volleyball field isn’t just a space for play. It’s also a space of memory.

Taskeen’s absence lingers. So too does the knowledge that peace here is often fleeting.

“There are beautiful places on that side, people should get to enjoy them. And people from there should be able to come here,” said Abdul Hannan, another student who recently completed his intermediate studies.

“Many people there [Indian-administered], in Jammu and Kashmir, play as well,” Hannan added. “We watch their videos to gain skills. They are playing better than us. We also get motivated by watching them.”

The boys recalled that some former players who used to compete on this very field had now moved abroad in search of better opportunities. From afar, many continued to support the volleyball tradition, pooling together funds to help maintain the ground. 

Their latest contribution helped install a protective net, now in place for six to seven years, which keeps the ball from rolling into the river and drifting downstream toward the Indian side.

“WE JUST WANT PEACE”

The Poonch River marks both a border and a lifeline for the region. On hot days, the boys often dive into its cool waters to beat the heat, even as Indian army posts watch from across the bank.

That same river has seen far more than games but carried the sounds of shelling, the cries of displaced families, and now, the echoes of a volleyball match played in the name of peace.

During Ramadan and other special occasions, the field hosts semi-annual tournaments. Teams travel from neighboring towns and villages to compete, a reminder that even in a conflict zone, community and competition endure.

“When there is peace, we can play. That’s all we want,” Fareed saiid. 

India and Pakistan have long shared a contentious relationship over Kashmir, with flare-ups along the LoC occurring frequently despite periodic agreements. The current ceasefire too is fragile, its future uncertain. But on this side of the Poonch River, young players are daring to imagine something more permanent — not through diplomacy, but through volleyball, through shared videos, playful rivalries, and quiet tributes to friends lost. And through simple, hopeful wishes — that one day, the people of Kashmir might cross the border not as enemies, but as guests.

“We just want peace,” Hannan repeated softly. “That’s all we’ve ever wanted.”


Pakistan-origin Mahnoor Qazi wins James Baldwin award for fiction

Updated 08 June 2025
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Pakistan-origin Mahnoor Qazi wins James Baldwin award for fiction

  • The James Baldwin Award for Fiction is one of six creative writing awards given by Penguin Random House
  • Qazi, whose entry ‘Eternity’ won $10,000 prize, aims to connect literature with the deepest human emotions

ISLAMABAD: Mahnoor Qazi, a Pakistani-origin high school student in the US state of California, has won the inaugural James Baldwin Award for Fiction, the organizers announced this week.

The James Baldwin Award for Fiction is one of six creative writing awards given by Penguin Random House, touted as the world’s largest trade book publisher, as part of their signature Creative Writing Awards (CWA) program. The award is named after Baldwin, a novelist, essayist, playwright, poet and critic.

Qazi, an aspiring writer who attends Golden Valley High School in California, is dedicated to connecting the art of literature with the deepest human emotions. Her entry ‘Eternity’ won the first-place prize of $10,000.

“As his niece, it has been an honor to select the recipient of the James Baldwin Award for fiction. Traveling the creative landscape of students with insightful narrative voices has been inspiring,” Baldwin’s niece Darlene Burnett said.

“They continue to demonstrate that the power of words can inform minds, fuel the imagination, and construct narratives that compel us to read and to feel. They are the literary architects of the future.”

Other categories included the Freedom of Expression Award, Michelle Obama Award for Memoir, the Amanda Gorman Award for Poetry, and the Maya Angelou Award for Spoken Word.

Since 1993, the Penguin Random House CWA program has awarded more than $2.9 million to public high school students for their original compositions.

In addition to scholarships, the publisher hosts a virtual development week for the CWA winners each summer that includes networking workshops, a panel about career opportunities in publishing, and fireside chats with Penguin Random House authors.