High-level IFC delegation in Pakistan to identify ‘viable opportunities’ for investment

Pakistan Finance Minister Muhammad Aurangzeb (4L) gestures during a meeting with the IFC delegation led by Linda Rudo Munyengeterwa (4R) at the Finance Division in Islamabad on April 14, 2025. (Photo courtesy: Handout/Pakistan Finance Ministry)
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Updated 15 April 2025
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High-level IFC delegation in Pakistan to identify ‘viable opportunities’ for investment

  • Investment in infrastructure, energy, transport, public finance, and privatization top discussions
  • PM Sharif has vowed to reduce dependence on foreign loans and seek more direct investment

KARACHI: Top officials from the International Finance Corporation (IFC) are visiting Pakistan this week to explore the market and engage with key government stakeholders on identifying “viable opportunities” for investment,” the finance ministry said in a statement.

Pakistani Prime Minister Shehbaz Sharif’s government has vowed to reduce dependence on foreign loans in the coming years and seek more direct investment.

The country in 2023 nearly defaulted on the payment of its foreign debts until it was rescued by a last-gasp $3 billion bailout loan from the IMF. Last year, Islamabad secured a new $7 billion loan deal from the international lender. 

Since then, the country’s economy has started improving, with inflation dropping to 0.7 percent year-on-year in March 2025, the lowest in sixty years and a sharp contrast to the 38 percent peak experienced in May 2023. Aggressive interest rate cuts by Pakistan’s central bank, removal of energy subsidies in line with fiscal reform, increased inflows through remittances and exports and stabilization efforts under Pakistan’s economic framework supported by global partners have all come together to support the stabilization efforts. 

At Monday’s meeting with Finance Minister Muhammad Aurangzeb, Linda Rudo Munyengeterwa, IFC Global Director for Public Private Privatization & Corporate Finance, reiterated the international financial institution’s commitment to “supporting the country’s macroeconomic reform, investment, and privatization initiatives.”

“The delegation conveyed that they had come to Pakistan with an open mind, intending to explore the market and engage with key government stakeholders to identify potential areas for investment,” the finance ministry said in a statement. 

“IFC’s extensive global experience across various sectors, including infrastructure, energy, transport, public finance, and privatization, was highlighted as a valuable asset that could be leveraged to support Pakistan’s development agenda.” 

The delegation emphasized their readiness to partner with Pakistan in “exploring viable opportunities for collaboration and investment,” the statement added. 

Recognizing the fiscal challenges in managing public finances and meeting the country’s expanding development needs, Aurangzeb stressed the importance of utilizing the expertise and financial resources of international institutions like the IFC through public-private partnerships. 

“He affirmed that such collaborations could facilitate the implementation of essential reforms and enhance efforts to develop efficient energy, transport, and infrastructure systems in response to the demands of a growing population,” the statement added. 

The IFC delegation also called on Minister for Power Sardar Awais Ahmed Khan Leghari in Islamabad on Monday and discussed “promoting private investment in the energy sector through Public Private Partnership models,” Radio Pakistan reported. 

Leghari appreciated the role of the IFC in introducing modern technology for investment in the energy sector. 

“Demand and pricing are our major problems, and we are thankful for IFC’s guidance for sustainable solutions,” Radio Pakistan reported the minister as telling the IFC delegation. 

“Appreciating the IFC’s technical expertise and global experience, the Minister said the government is committed to provide a conducive environment to investors.”

The report said the IFC expressed its willingness to support the power ministry’s digital meterization policy and offered to assist in policy formulation and reforms.

The delegation presented examples of successful models in Brazil, Peru, Colombia and India where increased investment, integration of renewable energy and open access had been promoted.

“It is important for Pakistan to learn from international experiences for the right strategy,” the report said. “The meeting agreed that cooperation will be further promoted in the future and joint efforts will be implemented in various energy projects.”


Indian army reports ‘first calm night’ after Kashmir truce with Pakistan holds

Updated 11 sec ago
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Indian army reports ‘first calm night’ after Kashmir truce with Pakistan holds

  • India, Pakistan agreed to a ceasefire on Saturday after worst fighting between neighbors in decades
  • Both sides accused each other of violating ceasefire hours after it was announced by US President Trump

POONCH, India: The frontier between arch-foes India and Pakistan was peaceful and had the “first calm night in recent days,” the Indian army said Monday, after a surprise weekend ceasefire.

The truce was agreed to on Saturday after four days of missile, drone and artillery attacks between the two countries which killed at least 60 people and sent thousands fleeing.

It was the worst violence since the nuclear-armed rivals’ last open conflict in 1999 and sent global shudders that it could spiral into full-blown war.

There were initial doubts as the two sides accused each other of breaching the ceasefire just hours after it was unexpectedly announced by US President Donald Trump on social media.

“The night remained largely peaceful across... Kashmir and other areas along the international border,” the Indian army said.

“No incidents have been reported, marking the first calm night in recent days,” the statement added.

It was also the second straight night without gunfire or shelling at Poonch, the frontier town in the part of divided Kashmir administered by India.

Poonch was one of the worst-hit regions in the latest conflict, with at least 12 residents killed and most of the estimated 60,000 residents fleeing their homes.

On Sunday, people started trickling back to the town, although many still remained worried that the ceasefire would not last.

The alarming spiral toward all-out conflict began before dawn on Wednesday, when India launched missile attacks destroying what it called “terrorist camps” in the Pakistani part of Kashmir.

This followed an April 22 attack on tourists in Indian-administered Kashmir, which killed 26 civilians.

India accused Pakistan of backing the attack but Islamabad denied involvement and immediately responded to the strikes with heavy artillery fire.

It claimed to have downed five Indian fighter jets — something New Delhi has not commented on.

Militants have stepped up operations in Kashmir since 2019, when Indian Prime Minister Narendra Modi’s Hindu nationalist government revoked the region’s limited autonomy and took it under direct rule from New Delhi.

Divided Muslim-majority Kashmir is claimed in full by both countries, who have fought several wars over the territory since their independence from Britain in 1947.
 


Pakistan military says Islamabad did not request ceasefire during recent India clashes

Updated 8 min 30 sec ago
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Pakistan military says Islamabad did not request ceasefire during recent India clashes

  • Four days of fighting, the worst conflict between the neighbors since 1999, has killed nearly 70 people on both sides
  • Pakistan military spokesperson clarifies no Indian pilot in custody, denies New Delhi’s accusations of violating ceasefire

ISLAMABAD: Pakistan military spokesperson Lt. Gen. Ahmed Sharif Chaudhry has said Islamabad did not request a ceasefire with New Delhi when the two nuclear-armed neighbors clashed in the worst fighting between them in decades last week, alleging that New Delhi had called for it after launching missile strikes in Pakistan.

Tensions between India and Pakistan over an attack in Indian-administered Kashmir escalated last Wednesday, when India struck multiple Pakistani cities with missiles, quickly followed by what Islamabad said was the downing of five Indian fighter jets.

Both neighbors continued to attack the other’s territory with fighter jets, missiles, drones and artillery until Saturday evening, when US President Donald Trump announced a surprise ceasefire that has largely held, except for a few alleged violations in Kashmir.

“Let me put it on record, Pakistan never requested a ceasefire,” Chaudhry told reporters on Sunday night in a press briefing. “On the night of May 6 and 7, after those dastardly and cowardly attacks were made, Indians requested [a ceasefire] and Pakistan gave a very clear response, that we will communicate back only after we have given the response that this act deserves,” he added. 

Providing operational details of the conflict, Chaudhry said Pakistan struck 26 Indian military facilities while dozens of its drones hovered over major Indian cities, including New Delhi, during Islamabad’s counter-offensive against India.

“Pakistan’s military response has been precise, proportionate and still remarkably restrained,” Chaudhry said, sharing details of ‘Operation Bunyan-um-Marsoos,’ which translates to “a structure made of lead” in Arabic. 

“It was carefully calibrated to avoid civilian casualties, and it exclusively targeted those entities and facilities which were directly involved in orchestrating and executing cold-blooded killings of Pakistani civilians,” the military spokesperson said. 

Chaudhry added that Pakistani forces’ synergy across air, land, sea and cyber domains allowed for precision engagements, overwhelming lethality and rapid tempo operations.

“Precision-guided long-range missiles— Fatah-1 and Fatah-2— were employed by the Pakistan Army, while the Pakistan Air Force utilized highly capable long-range munitions and precision-guided weaponry,” he explained. “Long-range artillery units also contributed significantly to the strike package.” 

He said critical sites hit by Pakistani armed forces included Indian Air Force and aviation bases at Suratgarh, Sirsa, Poonch, Naliya, Adampur, Bathinda, Barnala, Halwara, Awantipura, Srinagar, Jammu, Udhampur, Mamoon, Ambala, and Pathankot. He said all these sites suffered significant damage. 

“S-400 missile systems at Adampur and Poonch were also neutralized by the Pakistan Air Force,” Chaudhry said. 

The military spokesperson said Pakistan’s armed forces also carried out comprehensive and effective cyber offensives, temporarily crippling and degrading critical Indian military infrastructure and services,

“These cyber strikes targeted systems directly supporting Indian military operations and were designed to disrupt their warfighting capabilities without affecting civilian platforms,” he added.

‘SOCIAL MEDIA CHATTER’

In response to a question, the military spokesperson confirmed that no Indian pilot was in Pakistan Army’s custody following military clashes.

“I can confirm you that we do not have any pilot in custody, this is all social media chatter, this is all part of multiple sources of fake news and propaganda,” he said. 

Four days of fighting, the worst conflict between the neighbors since 1999, has killed nearly 70 people on both sides, with some residents of border villages still waiting to return to their homes.

Diplomacy and pressure from the United States helped secure the ceasefire deal when it seemed the conflict was spiraling alarmingly. But within hours of its coming into force, artillery fire was witnessed in Kashmir, which has been divided between India and Pakistan but claimed in full by both.

A top Indian army officer said on Sunday the Indian military had sent a “hotline message” to Pakistan about violations of a ceasefire agreed this week and informed it of New Delhi’s intent to respond if it was repeated.
“Sometimes, these understandings take time to fructify, manifest on the ground,” Lt Gen Rajiv Ghai, India’s director-general of military operations, told a media briefing, referring to the truce. “The [Indian] armed forces were on a very, very high alert [on Saturday] and continue to be in that state.”

Chaudhry denied any ceasefire violations by Pakistan, saying the country is upholding its commitment to refrain from acts of aggression. 

“I can say with 200 percent conviction that we have not done any ceasefire violation,” he said. 

Hostilities between the two neighbors were triggered by an attack in Indian-administered Kashmir’s Pahalgam resort town that killed 26 tourists on April 22. India accused Pakistan of backing the assault, Islamabad has denied it and called for a credible, international probe.

The Pakistani military spokesman said Operation Bunyan-um-Marsoos had been a “great example” of coming together of all elements of Pakistan’s national power to effectively counter the threat to national sovereignty and integrity, warning of a similar response to any such attempt in the future.

“No one should have any doubt that whenever our sovereignty would be threatened and territorial integrity violated, the response would be comprehensive, retributive and decisive,” he said.

The military spokesperson emphasized that the idea of war between two nuclear-armed neighbors was absurd and inconceivable.

Pakistan and India have a history of bitter relations and have fought three wars, two of them over Kashmir, since gaining independence from British colonial rule in 1947.

On Sunday, Trump said he would try to work with both India and Pakistan to see if they can resolve their dispute over the Kashmir territory, vowing to “substantially” increase trade with both nations.

“While not even discussed, I am going to increase trade, substantially, with both of these great Nations,” Trump wrote on his social media platform, Truth Social, referring to India and Pakistan.

“Additionally, I will work with you both to see if, after a ‘thousand years,’ a solution can be arrived at concerning Kashmir,” he added.


Pakistan Senate chief in Moscow to strengthen Pakistan-Russia collaboration in key sectors

Updated 39 min 38 sec ago
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Pakistan Senate chief in Moscow to strengthen Pakistan-Russia collaboration in key sectors

  • The visit comes as Pakistan is gradually recovering from a prolonged macroeconomic crisis that pushed it to the brink of a default in 2023
  • Discussions will focus on enhancing trade and economic cooperation, and exploring avenues in energy, regional connectivity and security sectors

ISLAMABAD: Pakistan’s Senate Chairman Yusuf Raza Gilani has arrived in Moscow on an official visit to explore new avenues of collaboration between Pakistan and Russia in key sectors, a Pakistani government statement said on Sunday.
Pakistan and Russia, once Cold War rivals, have strengthened ties in recent years through increased dialogue and trade. In 2023, Islamabad began purchasing discounted Russian crude oil banned from European markets due to Russia’s war in Ukraine, and also received its first shipment of liquefied petroleum gas from Moscow.
In Dec., Russia and Pakistan held intergovernmental meetings in Moscow and discussed cooperation on oil and gas offshore exploration and refining. Russian Ambassador to Pakistan Albert P. Khorev this year announced cooperation with Pakistan in energy and industrial sectors, including the modernization of a state-owned steel mill.
Gilani is visiting Moscow at the invitation of Valentina Matviyenko, chairperson of the Federation Council of the Russian Federation, and is scheduled to hold high-level meetings in the Russian capital, according to Pakistan’s Press Information Department (PID).
“Discussions will focus on enhancing parliamentary exchanges, boosting trade and economic cooperation, and exploring collaboration in key sectors such as energy, regional connectivity, and security,” the statement said.
The visit comes as Pakistan is striving to draw overseas investment amid a gradually healing macroeconomic environment after a prolonged downturn that forced Islamabad to seek external financing from friendly nations and multiple loan programs with the International Monetary Fund (IMF).
In an interview, Gilani recalled that Speaker Matviyenko had previously visited Pakistan and addressed parliament, which contributed significantly to fostering bilateral understanding, according to the PID.
He highlighted Pakistan’s successful foreign policy initiatives under the current government, which have enhanced the country’s global standing, and reaffirmed Islamabad’s commitment to deepening strategic ties with Russia.
“The visit marks a significant milestone in advancing bilateral engagement and reflects the two nations’ shared interest in broad-based and forward-looking cooperation across multiple sectors,” it said.


‘Precise, proportionate’: Pakistan says only targeted Indian facilities involved in civilian killings

Updated 11 May 2025
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‘Precise, proportionate’: Pakistan says only targeted Indian facilities involved in civilian killings

  • Four days of fighting, the worst conflict between the neighbors since 1999, has killed nearly 70 people on both sides
  • The hostilities were triggered by an attack in Indian-administered Kashmir’s Pahalgam that killed 26 tourists on April 22

ISLAMABAD: Pakistan exercised restraint and only targeted Indian military facilities and entities that were involved in the killings of Pakistani civilians in this week’s incursions, a Pakistani military spokesman said on Sunday, a day after the United States (US) brokered a truce between the nuclear-armed neighbors.
Tensions between India and Pakistan over an attack in Indian-administered Kashmir escalated on Wednesday, when India struck multiple Pakistani cities with missiles, quickly followed by what Islamabad said was the downing of five Indian fighter jets.
Both neighbors continued to attack the other’s territory with fighter jets, missiles, drones and artillery until Saturday evening, when US President Donald Trump announced a surprise ceasefire that has largely held, except for a few alleged violations in Kashmir.
Briefing the media about operational details, Pakistani military spokesman, Lt Gen Ahmed Sharif Chaudhry, said Pakistan hit 26 Indian military facilities and dozens of its drones hovered over major Indian cities, including India’s capital New Delhi, in their counter-offensive against India.
“Pakistan’s military response has been precise, proportionate and still remarkably restrained,” Chaudhry said, sharing details of ‘Operation Bunyan-um-Marsoos.’
“It was carefully calibrated to avoid civilian casualties and it exclusively targeted those entities and facilities which were directly involved in orchestrating and executing cold-blooded killings of Pakistani civilians.”


Four days of fighting, the worst conflict between the neighbors since 1999, has killed nearly 70 people on both sides, with some residents of border villages still waiting to return to their homes.
Diplomacy and pressure from the United States helped secure the ceasefire deal when it seemed that the conflict was spiraling alarmingly. But within hours of its coming into force, artillery fire was witnessed in Kashmir, which has been divided between India and Pakistan but claimed in full by both.
A top Indian army officer said on Sunday the Indian military had sent a “hotline message” to Pakistan about violations of a ceasefire agreed this week and informed it of New Delhi’s intent to respond if it was repeated.
“Sometimes, these understandings take time to fructify, manifest on the ground,” Lt Gen Rajiv Ghai, India’s director-general of military operations, told a media briefing, referring to the truce. “The [Indian] armed forces were on a very, very high alert [on Saturday] and continue to be in that state.”
The hostilities were triggered by the attack in Indian-administered Kashmir’s Pahalgam resort town that killed 26 tourists on April 22. India accused Pakistan of backing the assault, Islamabad has denied it and called for a credible, international probe.
The Pakistani military spokesman said Operation Bunyan-um-Marsoos had been a “great example” of coming together of all elements of Pakistan’s national power to effectively counter the threat to national sovereignty and integrity, warning of a similar response to any such attempt in the future.
“No one should have any doubt that whenever our sovereignty would be threatened and territorial integrity violated, the response would be comprehensive, retributive and decisive,” he said.
Pakistan and India have a history of bitter relations and have fought three wars, two of them over Kashmir, since gaining independence from British colonial rule in 1947.
On Sunday, Trump said he would try to work with both India and Pakistan to see if they can resolve their dispute over the Kashmir territory, vowing to “substantially” increase trade with both nations.
“While not even discussed, I am going to increase trade, substantially, with both of these great Nations,” Trump wrote on his social media platform, Truth Social, referring to India and Pakistan.
“Additionally, I will work with you both to see if, after a ‘thousand years,’ a solution can be arrived at concerning Kashmir,” he added.


Pakistan’s Kashmiris return to homes, but keep bunkers stocked

Updated 11 May 2025
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Pakistan’s Kashmiris return to homes, but keep bunkers stocked

  • More than 60 people were killed in four days of intense conflict between Pakistan, India before a US-brokered truce was announced Saturday
  • At heart of the hostilities is Kashmir, a mountainous Muslim-majority region divided between the two countries but claimed in full by both

CHAKOTHI: As an uneasy calm settled over villages on the Pakistan side of contested Kashmir on Sunday, families returned to their own beds but were sure to leave their bunkers stocked.
More than 60 people were killed in four days of intense conflict between arch-rivals Pakistan and India before a US-brokered truce was announced on Saturday.
At heart of the hostilities is Kashmir, a mountainous Muslim-majority region divided between the two countries but claimed in full by both, and where the heaviest casualties are often reported.
On the Pakistan side of the heavily militarised de facto border, known as the Line of Control (LoC), families wearied by decades of sporadic firing began to return home — for now.
“I have absolutely no faith in India; I believe it will strike again. For people living in this area, it’s crucial to build protective bunkers near their homes,” said Kala Khan, a resident of Chakothi which overlooks the Neelum River that separates the two sides and from where they can see Indian military posts.
His eight-member family sheltered through the night and parts of the day under the 20-inch-thick concrete roofs of two bunkers.
“Whenever there was Indian shelling, I would take my family into it,” he said of the past few days.
“We’ve stored mattresses, flour, rice, other food supplies, and even some valuable belongings in there.”
According to an administrative officer in the region, more than a thousand bunkers have been built along the LoC, around a third by the government, to protect civilians from Indian shelling.
Pakistan and India have fought several wars over Kashmir, and India has long battled an insurgency on its side by militant groups fighting for independence or a merger with Pakistan.
New Delhi accuses Islamabad of backing the militants, including an attack on tourists in April which sparked the latest conflict.
Pakistan said it was not involved and called for an independent investigation.
Limited firing overnight between Saturday and Sunday made some families hesitant to return to their homes on the LoC.
In Chakothi, nestled among lush green mountains, surrounded by an abundance of walnut trees at the foothills, half of the 300 shops were closed and few people ventured onto the streets.
“I’ve been living on the LoC for 50 years. Ceasefires are announced, but after a few days the firing starts again,” said Muhammad Munir, a 53-year-old government employee in Chakothi.
It is the poor who suffer most from the endless uncertainty and hunt for safety along the LoC, he said, adding: “There’s no guarantee that this latest ceasefire will hold — we’re certain of that.”
When clashes broke out, Kashif Minhas, 25, a construction worker in Chakothi, desperately searched for a vehicle to move his wife and three children away from the fighting.
“I had to walk several kilometers before finally getting one and moving my family,” he told AFP.
“In my view, the current ceasefire between India and Pakistan is just a formality. There’s still a risk of renewed firing, and if it happens again, I’ll move my family out once more.”
A senior administrative officer stationed in Muzaffarabad, the capital of Azad Kashmir where a mosque was struck by an Indian missile killing three people, told AFP there had been no reports of firing since Sunday morning.
In Indian-administered Kashmir, hundreds of thousands of people who had evacuated also began to cautiously return home after heavy Pakistani shelling — many expressing the same fears as on the Pakistani side.
The four-day conflict struck deep into both countries, reaching major cities for the first time in decades — with the majority of deaths in Pakistan, and almost all civilians.
Chakothi taxi driver Muhammad Akhlaq said the ceasefire was “no guarantee of lasting peace.”
“I have serious doubts about it because the core issue that fuels hostility between the two countries still remains unresolved — and that issue is Kashmir,” said the 56-year-old.