ISLAMABAD: A top United States (US) official on Tuesday said they were eyeing “critical” minerals deals with Pakistan as he visited Islamabad to attend the two-day Pakistan Minerals Investment Forum.
Pakistan is showcasing its mineral resources, worth an estimated $6 trillion, at the two-day show in Islamabad on Apr. 8-9, seeking to attract investment from the US, China, Saudi Arabia and the European Union (EU).
Eric Meyer, a senior official of the US Bureau of South and Central Asian Affairs who is currently leading a US interagency delegation to Pakistan, said he was thrilled to be in Islamabad to attend the minerals investment forum and to strengthen Pakistan-US partnership.
“I commend Pakistan for convening the Minerals Investment Forum here in Islamabad and for taking steps to ensure a level playing field for investors,” he said at the forum.
“Critical minerals are the raw materials for our most important technologies, and President [Donald] Trump has underscored the importance of securing America’s minerals future.”
Although Meyer has been visiting Islamabad to focus on minerals, he highlighted recent successes in economic partnership between the two countries.
“We recently celebrated the return of US soybean exports to Pakistan. Four vessels carrying more than 260,000 tons of soybeans have arrived over the last few weeks,” he said.
“It’s a win-win for US exporters and for Pakistanis alike, and we look forward to more such wins in the future.”
The US’s goods trade with Pakistan was at an estimated $7.3 billion in 2024, according to the US Trade Representative, a federal agency responsible for developing and promoting foreign trade policies.
US goods exports to Pakistan in 2024 were $2.1 billion, up 4.4 percent ($90.9 million) from 2023, while US goods imports from Pakistan totaled $5.1 billion in 2024, up 4.9 percent ($238.7 million) from 2023.
“What makes me most optimistic about the US-Pakistan partnership is that our cooperation is based on the close and enduring ties between our peoples,” Meyer said.
“Many of you have studied in the United States, participated in our exchange programs, have family, friends and business partners in the US. I’m looking forward to working with each of you as we work together to lead the charge in deepening the partnership between the US and Pakistan.”
Top US official eyes critical mineral deals during Pakistan visit
https://arab.news/2xe9f
Top US official eyes critical mineral deals during Pakistan visit
- Eric Meyer, a senior official of the US Bureau of South and Central Asian Affairs, said he was thrilled to attend the minerals investment forum in Islamabad
- Pakistan is showcasing its mineral resources, worth an estimated $6 trillion, at the two-day show in Islamabad on Apr. 8-9, seeking to attract foreign investment
Pakistan to export female beauticians to Saudi Arabia — state media
- Hairdressers, makeup and nail artists under the age of 40 are required, OEC says
- Pakistan has long maintained a strong labor export relationship with the Kingdom
ISLAMABAD: Pakistan’s Overseas Employment Corporation (OEC) will send skilled female beauticians to Saudi Arabia in response to a demand from a private firm in the Kingdom, state media reported on Friday, outlining the qualifications required for applicants.
The initiative comes as part of Pakistan’s long-standing labor export relationship with Saudi Arabia, which remains the top destination for Pakistani workers and contributes over $700 million in monthly remittances to the South Asian country.
Pakistan regularly sends skilled labor to Gulf nations, including medical professionals, engineers and technicians. The latest move targets the beauty and personal care sector.
“Overseas Employment Corporation, an attached department of the Ministry of Overseas Pakistanis and Human Resource Development, will export skilled workers (female beauticians) to the Kingdom of Saudi Arabia,” the Associated Press of Pakistan (APP) said.
It informed a Saudi firm is seeking beauticians for various roles, including senior hairdresser, nail technician (gel and acrylic), eyelash specialist, makeup artist, waxing and bleaching specialist and wig technician.
The required qualifications include a minimum of three years’ experience and an age limit of under 40 years.
APP said the firm will offer senior beauticians a monthly salary of 3,000 Saudi Riyals or approximately $800.
Employees will also receive free shared accommodation with furnishings and air conditioning, food allowance, and round-trip airfare, along with surface transport within Saudi Arabia if needed.
The news report said applications must be submitted via the OEC website by June 8.
Pakistan and Saudi Arabia enjoy robust economic, defense and cultural ties.
The Kingdom hosts over 2.7 million Pakistani expatriates and remains the largest source of remittances to Pakistan, a crucial lifeline for the country’s cash-strapped economy.
PM Sharif calls for economic policies to revive Pakistan’s export competitiveness
- The PM outlines the goal during a meeting with Dr. Stefan Dercon, a prominent British economist
- He calls for deep-rooted reforms to steer Pakistan’s economy back toward export-led growth
ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday stressed the need for balance across all economic policies to revive Pakistan’s export potential, saying his government wanted to take the country back to a place where its products were once again in global demand.
The remarks came during a meeting with Dr. Stefan Dercon, a prominent British economist and professor of economic policy at Oxford University.
Dercon, who previously served as the UK Department for International Development’s (DFID) chief economist, is widely recognized for his work on poverty, institutional reform and economic development in low- and middle-income countries.
“A sound balance across all policies is essential to promote business,” the prime minister was quoted as saying in an official statement circulated by his office. “For Pakistan’s economic development, alignment between fiscal policy, taxation policy and production policy is necessary.”
“In the past, Pakistani products were in high demand globally and the country was counted among the world’s major exporters,” he continued. “We want to bring Pakistan back to that place.”
Sharif’s meeting with the British economist took place at a time when Pakistan seeks to strengthen its economy through increased exports and foreign investment, following signs of stabilization under an IMF-supported economic program.
He maintained that deep-rooted reforms were required to transition the national economy back toward export-led growth.
Dercon praised the direction of Pakistan’s economic policy and reform agenda, noting improving investor sentiment toward the country.
He particularly lauded Pakistan’s tariff rationalization efforts, which aim to simplify and streamline import duties to support industrial competitiveness.
The meeting was also attended by top members of the government’s economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal and senior officials from relevant departments.
IMF defends $1 billion disbursement to Pakistan amid India’s objections
- IMF communications director says the board approved funding as Pakistan had ‘met all of the targets’
- She clarifies EFF disbursements go to the central bank and are not used to fund the national budget
KARACHI: The International Monetary Fund (IMF) this week defended its decision to release a $1 billion tranche to Pakistan, despite India’s concern over its potential misuse, by pointing out the country had met all requisite targets under the Extended Fund Facility (EFF).
India had raised objections to the IMF’s disbursement amid a military confrontation with Pakistan, saying the funds could be diverted to support activities that it described as detrimental to regional stability. New Delhi abstained from the IMF Executive Board vote on May 9, highlighting apprehensions about the timing and potential implications of the financial assistance.
During a news briefing in Washington on Thursday, IMF Communications Director Julie Kozack addressed these concerns, saying the international lender provided financing to member states for the purpose of resolving balance of payments problems.
“In the case of Pakistan … the EFF disbursements … are allocated to the reserves of the central bank,” she said. “Under the program, those resources are not part of budget financing … [and] are not transferred to the government to support the budget.”
The IMF official further emphasized the Fund’s decision was based on Pakistan meeting all the targets set under the loan program.
“Our Board found that Pakistan had indeed met all of the targets,” she continued. “It had made progress on some of the reforms, and for that reason, the Board went ahead and approved the program.”
Kozack also outlined the safeguards to prevent any potential misuse of funds, including targets on the accumulation of international reserves and a zero target for central bank lending to the government.
She also noted the program includes substantial structural conditionality aimed at improving fiscal management.
The IMF’s disbursement this month was part of a broader $7 billion support program aimed at stabilizing Pakistan’s economy. The Fund has said future disbursements will depend on Pakistan’s continued adherence to the program’s conditions and reforms.
PM Sharif tells business leaders private sector key to economy ahead of June 10 budget
- The prime minister assures chambers of commerce representatives of his administration’s full support
- He promises to reduce cost of doing business in the country, highlights zero tolerance for tax evasion
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday emphasized the pivotal role of the private sector in driving economic development, asserting that a robust public-private partnership was essential for the country’s emergence as a strong global economy.
Sharif made these remarks during a meeting with presidents of chambers of commerce from across the nation, coinciding with the government’s announcement to present the next federal budget on June 10.
The government has consistently stressed the need for the private sector to lead in strengthening the national economy, assuring it of state support.
Sharif reiterated this stance, highlighting the necessity of collaboration between the government and private enterprises in the country.
“There is a need to mobilize the private sector to achieve economic self-reliance,” the Prime Minister’s Office quoted him as saying during the meeting.
“Protecting the rights of the Pakistani business community and providing them with a conducive environment for profitable business are among the top priorities of the government,” he continued.
Sharif also pledged to reduce the cost of doing business in Pakistan, noting that measures were being implemented to facilitate access to loans and reduce electricity prices.
Addressing tax compliance, he emphasized a zero-tolerance policy toward tax evasion. Pakistan has historically one of the lowest tax-to-GDP ratios in the region.
The government has tried to addressed the situation by reforming its tax collection body through increased automation to improve collection and compliance.
The official statement said the delegation of business leaders commended the government’s economic policies, citing gradual improvements in the national economy and business environment.
They also presented budget proposals for the upcoming fiscal year.
Pakistan is scheduled to release a comprehensive economic survey for the outgoing fiscal year on June 9, only a day ahead of the budget preparation.
Pakistan says 25,698 pilgrims to perform Hajj under private quota in 2025
- The annual pilgrimage is expected to take place between June 4 and June 9 this year
- Around 55,642 Pakistani Hajj pilgrims have landed in Saudi Arabia so far via 244 flights
ISLAMABAD: Pakistan’s religious affairs minister, Sardar Muhammad Yousaf, said on Friday only 25,698 pilgrims would be able to perform Hajj this year under the private scheme, after thousands of allocated slots were revoked due to non-compliance by private operators with Saudi booking rules and deadlines.
The kingdom had granted Pakistan a total quota of 179,210 pilgrims for Hajj 2025. Typically, this national quota is evenly split between the government-run and private schemes. However, the private sector failed to meet procedural requirements set by Saudi authorities, leading to a significant cut in their share, down from 89,801 to just over 25,000, leaving more than 67,000 would-be pilgrims affected.
“25,698 people will be able to go for Hajj under the private quota,” Yousaf said while addressing a press conference.
“Up until February 14, only 3,600 pilgrims had submitted their payments, but after a one-week extension, 10,000 more applications were received, bringing the total number to 13,000.”
He highlighted that private Hajj operators had registered 904 companies with the Saudi authorities, based on a list provided by the religious affairs ministry. However, some people ignored this and made payments to unregistered Hajj operators.
Yousaf assured that a committee formed by Prime Minister Shehbaz Sharif would investigate the issue.
He said Pakistan International Airlines, Saudi Airlines, Air Sial, Airblue, and Serene Air would be transporting Pakistani pilgrims for Hajj.
Earlier in May, a ministry spokesperson issued guidelines for Hajj pilgrims, including verifying the authenticity and quota approval of private tour operators before making payments, visiting the ministry’s official website to confirm registration and avoiding reliance on unverified advertisements or information.
The ministry strongly urged all prospective pilgrims to exercise utmost caution when booking Hajj packages through private tour operators.
Some registered private organizations also failed to pay dues within the timeline set by Saudi authorities, prompting Sharif to intervene and request an extension of the deadline, which was approved.
This year’s annual pilgrimage is expected between June 4 and June 9, with nearly 89,000 Pakistanis traveling to Saudi Arabia under the government scheme.
Pakistan launched its Hajj flight operation on April 29.
Around 55,642 Pakistani Hajj pilgrims have landed in Saudi Arabia so far via 244 flights.
