Pakistan’s finance minister leaves for Davos to attend World Economic Forum 2025 summit

Pakistan Finance Minister Muhammad Aurangzeb speaks during an interview with Reuters at his office in Islamabad on July 19, 2024. (REUTERS/File)
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Updated 20 January 2025
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Pakistan’s finance minister leaves for Davos to attend World Economic Forum 2025 summit

  • Business, trade and political leaders will attend this year’s WEF meeting from Jan. 20-24 in Davos 
  • Muhammad Aurangzeb to meet ministerial delegations from Saudi Arabia, Qatar and Egypt during summit

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb has left for Davos to attend the World Economic Forum (WEF) annual summit where he will meet political, trade and business leaders from various countries and officials of international organizations, state-run media reported on Monday. 

The WEF is an international organization for public-private cooperation that arranges an annual summit where leaders meet to address key global and regional challenges. Discussions at the summit involve responding to geopolitical shocks and stimulating growth to improve living standards. This year’s annual meeting has been kept on the theme: ‘Collaboration for the Intelligent Age’ and will be held from Jan. 20-24 in the Swiss city of Davos. 

Pakistan’s participation in the summit will take place as it navigates a tricky path to economic recovery following a prolonged macroeconomic crisis. The South Asian country hopes to escape this crisis through sustained growth brought about by enhancing its export potential, attracting investments from friendly nations and bringing about fiscal reforms. 

“Federal Finance Minister Senator Muhammad Aurangzeb has left for Davos, Switzerland, to attend the World Economic Forum 2025 Annual Meeting,” Pakistan’s finance ministry said in a statement. 

“Aurangzeb will meet political, trade and business leaders from different countries and international organizations while attending the World Economic Forum, which will be held from Jan. 20-24,” it added. 

The ministry said Aurangzeb will address various sessions and take part in discussions during the summit to clarify Pakistan’s economic scenario. He will also participate as a panelist in a high-level discussion on the increasing burden of global debt on developing economies, the statement said. 

The ministry said Aurangzeb will take part in panel discussions on the rising global debt burden on developing economies, and on the revolutionary impact of new technologies, especially Artificial Intelligence and automation, in promoting trade and investment.

The statement said Aurangzeb will hold meetings with ministerial delegations from Egypt, Qatar and Saudi Arabia during his visit to the forum. 

“During his participation in the forum, the finance minister will also meet officials of global financial and business institutions, global organizations involved in sustainable development, and those of investment and commercial banks, especially investment banks from the Middle East,” the ministry said. 

Aurangzeb will also give interviews to selected international media representatives during the summit, in which several heads of state and representatives of governments, the private sector and civil society leaders are taking part, the ministry said. 


US, Dutch police seize 39 domains linked to ‘Pakistan-based cybercrime network’

Updated 8 sec ago
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US, Dutch police seize 39 domains linked to ‘Pakistan-based cybercrime network’

  • Pakistan-based group Saim Raza sold phishing toolkits, fraud tools to transnational crime groups, says Department of Justice
  • Says these tools were used to target numerous victims in the United States, resulting in over $3 million in victim losses

ISLAMABAD: The United States Department of Justice (DoJ) said this week it has coordinated with the Dutch National Police to seize 39 domains linked to a Pakistan-based cybercrime network selling hacking and fraud-enabling tools, adding that the Federal Bureau of Investigation (FBI) is investigating the case. 
In a statement dated Jan. 30, the DoJ said Saim Raza, also known as HeartSender, used these cybercrime websites since at least 2020 to sell phishing toolkits and other fraud-enabling tools to transnational organized crime groups. 
These tools were used to target numerous victims in the United States, resulting in over $3 million in victim losses, it said. 
“The Saim Raza-run websites operated as marketplaces that advertised and facilitated the sale of tools such as phishing kits, scam pages, and email extractors, often used to build and maintain fraud operations,” the statement said. 
It added that the Pakistan-based group made these tools available on the open Internet and also trained end users on how to use them against victims. This was done by linking the tools to instructional YouTube videos on how to execute schemes using these malicious programs, making them accessible to criminal actors that lacked this technical criminal expertise. 
“The group also advertised its tools as “fully undetectable” by antispam software,” the DoJ said. 
It disclosed that transnational organized crime groups and other cybercrime actors who bought these tools primarily used them to facilitate “business email compromise schemes” in which they tricked victim companies into making payments to a third party. 
Those payments would instead be redirected to a financial account the perpetrators controlled, resulting in significant losses to victims, the statement said.
These tools were also used to acquire victim user credentials and utilize those credentials to further these fraudulent schemes. 
“The seizure of these domains is intended to disrupt the ongoing activity of these groups and stop the proliferation of these tools within the cybercriminal community,” the Justice Department said. 
It said the Federal Bureau of Investigation’s (FBI) Houston Field Office is investigating the case.


Dedicated museum, first of its kind, becomes ambassador for Pakistan’s rich textile traditions

Updated 37 min 26 sec ago
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Dedicated museum, first of its kind, becomes ambassador for Pakistan’s rich textile traditions

  • Adorned with colorful skirts from Tharparkar to talismanic scarves worn by Sindhi grooms, the museum inspires many to preserve their cultural heritage
  • Nasreen Askari, who established The Haveli, wishes for it to not only showcase Sindh’s beauty, but also help generate income for women who create handicrafts

KARACHI: Adorned with traditional garments, from colorful skirts of Tharparkar to the talismanic scarves worn by Sindhi grooms, The Haveli in Karachi has become an inspiration for many in terms of cultural preservation, with each artifact narrating a story, reflecting the landscapes, symbols, and beliefs of the people of Pakistan’s southern Sindh province.
For over 50 years, Dr. Nasreen Askari meticulously collected textiles, and documented the cultural and historical narratives woven into each piece to finally set up The Haveli in December last year. Today, the museum stands as a testament to Sindh’s deep-rooted artistry, offering a glimpse into ancient craft to people in major cities like Karachi where modern outfits mostly get the limelight.
Askari was mesmerized by the vibrant garments worn by women in Sindh’s rural heartlands, when she first arrived at Sindh University in Jamshoro as a medical student in the 1970s. The intricate embroidery and stunning hues were unlike anything she had encountered in Karachi’s urban sprawl where she had lived. What began as curiosity soon evolved into a lifelong passion for her to preserve Sindh’s textile traditions, a pursuit that would ultimately lead to the creation of Haveli.
“This institution, which is called the Haveli, is an attempt to show the cultural heritage that we have, which is so rich and so varied,” Askari told Arab News, acknowledging that her pursuit was in complete contrast to medicine which she practiced for many years.
“It is an obsession. It is not just a hobby. It is actually a passion. That is how that this institution has taken shape. Because if there was no passion, there would not be an institution [like Haveli].”
Askari shared that she practiced medicine for some time and enjoyed it, however, her passion for handicrafts moved her to start collecting artifacts, with the oldest piece being a bridegroom’s scarf she collected some 50 years ago.
“It was a very big surprise for me, and a very attractive surprise,” he recalled the time, when she decided to build her collection.
The Haveli showcases around 75 pieces from Askari’s extensive collection, amassed over five decades. It has a ‘bandhani’ (a woman’s head shawl) from 1978, a ‘kanjiro’ (a blouse or tunic front), a ‘bujhki’ (a dowry purse), ‘lungis’ (used as men’s sashes), and a ‘chola’ (a woman’s shirt). A section dedicated to animals displays a horse’s outfit, a ‘mohra’ and a ‘gaani’ (adornments for a camel’s face and neck), and a ‘jhul’ (a camel saddle cloth).
One of Askari’s favorite articles features is a ‘parha,’ a skirt made by the Meghwar community of Chachro in Sindh’s border district of Tharparkar. This resist-printed, hand-loom cotton skirt is adorned with embroidery, mirrors and depictions of peacocks gamboling among flowers.
While Askari, who is known as one of Pakistan’s pre-eminent experts on textiles, hasn’t ventured into creating her own designs, she hopes to inspire future generations of designers.
“I just stuck to the traditional designs, and to appreciating them, and examining them,” she said. “But I hope in the future, I will inspire design students to make their own designs.”
Syed Hasan Askari, Askari’s husband and chief executive of The Haveli, noted that Sindh’s rich textile traditions stem from its historical role as crossroads for artisans traveling between Iran, Central Asia and India.
“Every region has its own charm, and every region has its own skills, but Sindh does have an exceptionally rich tradition,” he said, emphasizing the importance of preserving Pakistan’s cultural heritage. 
“It is very important to preserve the culture and heritage of the country, any country, but even more so in Pakistan where there has been a lot of degradation of its historical roots.”
Askari wishes for The Haveli to not only showcase the beauty of Sindhi textiles, but also help generate income for the women who create these handicrafts. 
“I believe that we need to promote their crafts so that the women who make them can have a source of income when they create them,” she added.


Pakistan raises petrol price by Rs1 per liter for next fortnight

Updated 01 February 2025
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Pakistan raises petrol price by Rs1 per liter for next fortnight

  • Pakistan’s Finance Division announces Rs7 per liter hike in price of high-speed diesel
  • Fuel price increases push consumer prices higher across sectors, fueling resentment

ISLAMABAD: Pakistan’s Finance Division announced this week it had increased the prices of petrol by Rs1 per liter and high-speed diesel by Rs7 per liter for the next fortnight, saying the decision was taken due to fluctuations in the international oil market.

This is the second consecutive hike in prices of petroleum products by the government as Pakistan increased the per-liter rates of petrol and diesel by Rs3.47 and Rs2.61 on Jan. 15. 

The new price of petrol will be Rs257.13 per liter while that of high-speed diesel will be Rs267.95 per liter, a notification by the Finance Division said on Friday. 

“The Oil & Gas Regulatory Authority (0GRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market,” the notification said. 

Fuel prices in Pakistan are reviewed and adjusted fortnightly, based on fluctuations in international energy markets and the rupee-dollar exchange rate.

The mechanism ensures that the net impact of changes in import costs is passed on to consumers, helping to sustain the country’s fuel supply chain.

Fuel price increases typically push consumer prices higher across sectors, causing economic strain and fueling popular resentment among the masses.


Visit by American investors delegation to improve Pakistan-US ties— finance official

Updated 01 February 2025
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Visit by American investors delegation to improve Pakistan-US ties— finance official

  • US businessman Gentry Beach led delegation of American investors to Pakistan this week to explore investment in key sectors
  • International investors are seeing structural economic reforms in Pakistan, says Finance Minister’s Adviser Khurram Schehzad

ISLAMABAD: The visit by a high-level delegation of investors led by American businessperson to Pakistan this week will further improve ties between Washington and Islamabad, Adviser to Finance Minister Khurram Schehzad said this week, noting that its interest in the country’s key economic sectors has “great importance” for Pakistan. 

 A US business delegation led by Texas hedge fund manager Gentry Beach arrived in Pakistan for a two-day visit on Tuesday to explore business opportunities, particularly in sectors like mining and minerals, renewable energy, infrastructure development and technology.

Gentry held meetings with top Pakistani officials during his stay in Islamabad, saying that US could bring in technology to boost Pakistan’s oil and gas and other sectors, and that both countries can immensely benefit from improved ties. 

“Talking to a private TV channel, he [Schehzad] said that Pakistan and US trade relations have significant value, as Pakistan’s trade to US market is surplus,” the Finance Division said in a statement on Friday. 

“He said this US investors delegation visit to Pakistan will further improve ties between the two countries.”

Schehzad said the American delegation expressing interest in Pakistan’s key sectors including mining and minerals, renewable energy, infrastructure development and technology “has great importance for Pakistan.”

“Pakistan is in dire need of investment, and Pakistan has less investment to GDP ratio which we can raise 5-8 percent,” he said. 

Schehzad pointed out that Pakistan’s economic indicators were projecting a positive look, adding that interest rates and inflation had declined while the country’s currency had stabilized, and its foreign reserves had increased. 

“He said that investors are seeing structural reforms in Pakistan, adding that US investors delegation timely came in Pakistan, as smart and sharp investors go where they see changes so that they could get better return,” the Finance Division said. 

The American delegation’s visit this week came as cash-strapped Pakistan, desperate to escape a prolonged macroeconomic crisis, seeks investments from regional and other foreign allies to shore up its $350 billion economy. 

Pakistan in 2023 nearly defaulted on the payment of foreign debts when the International Monetary Fund rescued it by agreeing to a $3 billion bailout to Pakistan. 

Last year, Islamabad secured a new $7 billion loan deal from the IMF. Since then, the country’s economy has started improving with weekly inflation coming down from 27 percent in 2023 to 1.8 percent earlier this month. 

Ties between Islamabad and Washington, once close allies during the Cold War era and after the September 11, 2001 attacks, have remained strained in recent years. 

American officials suspected Pakistan supported the Afghan Taliban in regaining Kabul in August 2021 after 20 years of war, straining ties with Islamabad. Pakistan denies the allegations strongly.


Saudi Arabia one of top global destinations favored by Pakistanis— travel app

Updated 35 min 48 sec ago
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Saudi Arabia one of top global destinations favored by Pakistanis— travel app

  • Kingdom one of top global destinations preferred by Pakistani travelers with 100 percent year-on-year growth, says travel app Wego
  • Thousands of Pakistanis travel to the Kingdom every year for religious tourism and to live and work in the country

KARACHI: Saudi Arabia remains one of the top international destinations preferred by Pakistani travelers with a 100 percent year-on-year growth observed, prominent travel mobile application Wego said this week, amid the Kingdom’s ambitious plans to boost its tourism potential in line with its Vision 2030 program. 

Saudi Arabia, home to Islam’s two holiest cities Makkah and Madinah, holds immense significance for millions of Muslims around the world, including Pakistanis. Thousands of Pakistanis travel to the Kingdom every year for religious tourism and to live and work in the Kingdom. 

Saudi Arabia’s tourism industry is growing at a rapid rate with the creation of mega-projects such as NEOM, a futuristic city on the Red Sea, and The Red Sea Project, which focuses on luxury and eco-tourism, expected to redefine global tourism standards.

Wego, which describes itself as a top travel app and the largest online travel marketplace in the Middle East and North Africa (MENA), announced the expansion of its Online Travel Agency (OTA) platform with its latest ‘Book on Wego’ function on Friday. 

“Domestic flight searches on Wego have risen by over 120 percent year-on-year, and Saudi Arabia continues to be one of the top international destinations favored by Pakistani travelers with over 100 percent YoY growth,” Dean Wicks, Wego’s chief flights officer, was quoted as saying by the platform’s public relations agency, Focus. 

The platform said that with its latest ‘Book on Wego’ function, travelers can book flights and hotels directly across all Wego apps, websites and platforms, eliminating the need for third-party redirects. 

“This enhancement delivers a seamless, localized booking experience tailored to the needs of Pakistani travelers,” the app said. 

“Wego’s commitment to Pakistan’s fast-growing travel industry ensures greater flexibility and choice, reinforcing its dedication to serving the local market.”

Wego announced it would also take part in the 2025 edition of the Pakistan Travel Mart (PTM), Pakistan’s pioneering & largest travel and tourism event, connecting regional and global stakeholders. 

“PTM 2025 provides the perfect platform for us to engage with the local travel community and drive the growth of Pakistan’s tourism sector,” Ubaidullah Sarwar, director Wego Pakistan, said. 

Saudi Arabia is also home to over two million Pakistani nationals, serving as the largest source of foreign workers’ remittances for the South Asian country.