Pakistan wants to re-engage with Middle Eastern banks to boost investment — finance minister

Update Pakistan wants to re-engage with Middle Eastern banks to boost investment — finance minister
Pakistan's Finance Minister Muhammad Aurangzeb meets his Emirati counterpart, Mohamed bin Hadi Al Hussaini, in Washington, US on April 17, 2024. (@Financegovpk/X)
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Updated 18 April 2024
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Pakistan wants to re-engage with Middle Eastern banks to boost investment — finance minister

Pakistan wants to re-engage with Middle Eastern banks to boost investment — finance minister
  • Statement came during Mohammad Aurangzeb’s meeting with his Emirati counterpart on sidelines of his US visit 
  • The Pakistani finance minister briefed about priority areas of taxation, energy and privatization of state entities

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday met with his Emirati counterpart and expressed his country’s desire to re-engage with Middle Eastern banks to boost investment in Pakistan, the Pakistani finance ministry said.

Aurangzeb’s meeting with UAE’s Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini came on the sidelines of his visit to the United States to meet International Monetary Fund (IMF) and World Bank officials.

The Pakistani finance minister acknowledged long-standing brotherly ties between Pakistan and the United Arab Emirates (UAE) and appreciated the Gulf country’s support to help Pakistan deal with its economic challenges.

“He highlighted Pakistan’s firm resolve to address economic challenges and create a conducive environment for sustainable growth and investment,” the Pakistani finance ministry said in a statement.

“He also expressed Pakistan’s keen interest to re-engage with Middle Eastern Banks to revive their interest in potential investment opportunities in the country.”




Pakistan's Finance Minister Muhammad Aurangzeb (left) poses for a picture with his Emirati counterpart, Mohamed bin Hadi Al Hussaini, in Washington, US on April 17, 2024. (@Financegovpk/X)

He said his government intended to continue with reforms initiated under a $3 billion IMF program in priority areas of taxation, energy and privatization of state-owned enterprises (SOEs), according to the statement.

Aurangzeb arrived in Washington on Sunday to participate in spring meetings organized by the IMF and World Bank. His tour is an important one for the South Asian country as the ongoing nine-month, $3 billion loan program with the IMF designed to tackle a balance-of-payments crisis, is set to expire this month.

With the final $1.1 billion tranche of that deal likely to be approved later this month, Pakistan has begun negotiations for a new multi-year IMF loan program worth “billions” of dollars, according to the finance ministry.

Pakistan seeks at least a three-year IMF program and plans to continue with necessary policy reforms to rein in deficits, build up reserves, and manage soaring debt servicing.

On Wednesday, Aurangzeb attended the Middle East and North Africa (MENA) Ministers and Governors meeting with the IMF managing director and highlighted geo-economic fragmentation and its impact on Pakistan.

“He thanked IMF, MDBs (multilateral development banks) and its time-tested sincere bilateral partners for their support in helping the country respond to unprecedented challenges,” Aurangzeb’s ministry said in a separate statement.

“He further underscored aggressive reforms including broadening the tax net, privatizing loss making SOEs, expanding social safety net and facilitating the private sector.”

The minister underlined the importance of rechanneling special drawing rights (SDRs), reviewing surcharges policy, and prioritizing the Resilience and Sustainability Trust (RST) in view of climate vulnerabilities.

“The minister called for a more proactive and responsive Global Financial Safety Net to tackle the elevated risks,” the statement read.

“He welcomed the renewed emphasis of the Fund on Capacity Building through Regional Capacity Development Centers (RCDCs).”

During the engagements, Aurangzeb also met with Multilateral Investment Guarantee Agency (MIGA) Executive Vice President Hiroshi Matano and appreciated the Agency’s continued support to Pakistan in attracting foreign investments.

“The minister discussed the ongoing economic reforms, investment climate and measures to enhance investor confidence in Pakistan,” his ministry said.


On International Day of Education, Pakistan vows to embrace ‘promise of AI’

On International Day of Education, Pakistan vows to embrace ‘promise of AI’
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On International Day of Education, Pakistan vows to embrace ‘promise of AI’

On International Day of Education, Pakistan vows to embrace ‘promise of AI’
  • Theme of this year’s International Day of Education is “AI and Education: Preserving Human Agency in a World of Automation” 
  • Around the world, AI is being increasingly used in education to improve the learning experience for both students and teachers

KARACHI: Pakistani Prime Minister Shehbaz Sharif on Friday, the International Day of Education, reaffirmed his government’s commitment to advancing an education system that embraced the “promise of AI” and supported the country’s youth in thriving in an evolving technological landscape.

The theme of this year’s International Day of Education is “AI and Education: Preserving Human Agency in a World of Automation.” Around the world, AI is being increasingly used in education to improve the learning experience for students and teachers. AI can automate tasks, provide real-time feedback, and create personalized learning experiences.

“As AI-driven systems become increasingly integrated into our lives, the boundaries between human intervention and machine-driven actions continue to blur,” Sharif said in a statement.

“This presents both opportunities and challenges, raising the critical question of how we can uphold and enhance human agency amidst the growing tide of automation.”

He said his government recognized the transformative power of education in preparing Pakistan’s youth to thrive in the evolving technological landscape. 

“By fostering critical thinking, innovation, and ethical responsibility, we aim to equip our citizens with the tools not only to adapt to technological changes but to shape them in ways that uphold our values, protect our freedoms, and advance our society,” the PM said. 

He highlighted steps taken in Pakistan to prepare its educational institutions to embrace technological advancements. These initiatives include the establishment of High-Impact IT Labs in ICT degree colleges, Digital Hubs in rural ICT schools, the Google Center of Excellence, SMART Classrooms, and the E-Taleem Portal for blended learning. 

“Additionally, we have introduced E-Rozgar Centers, Software Technology Parks, Robotics and Mind Games programs, and STEAM Labs to foster innovation. It is imperative that our schools are equipped with the latest technologies to equip our children with the requisite skills,” the PM said. 

“On this day, while we reaffirm our resolve to advancing an education system that embraces the promise of AI while safeguarding the essence of human creativity, compassion, and purpose.”


Pakistan rejects Afghanistan’s allegations it hosts Daesh militant camps

Pakistan rejects Afghanistan’s allegations it hosts Daesh militant camps
Updated 15 min 32 sec ago
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Pakistan rejects Afghanistan’s allegations it hosts Daesh militant camps

Pakistan rejects Afghanistan’s allegations it hosts Daesh militant camps
  • Foreign Office says Afghanistan is a source of “support and logistics” for militant operations against Pakistan
  • Ties between neighbors are strained over surge in militant attacks in Pakistan it blames on Afghanistan

ISLAMABAD: Foreign Office spokesperson Shafqat Ali Khan on Thursday rejected Afghanistan’s allegations Pakistan was hosting and facilitating Daesh militant camps, calling it “weird propaganda.”

The remarks come in response to allegations by Afghan officials that Pakistan was operating training camps for Daesh fighters and facilitating their movement through the Islamabad and Karachi airports for training in its southwestern Balochistan and northwestern Khyber Pakhtunkhwa provinces with the aim of carrying out militant activities in Afghanistan.

Islamabad also frequently accuses neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks amid a surge in militancy in its KP and Balochistan provinces. The Taliban government in Kabul says it does not allow Afghan soil to be used by militants, insisting Pakistan’s security issues are an internal matter for Islamabad.

“Frankly, we completely reject these allegations. They are not grounded in reality,” Khan said during a weekly press briefing when asked about the Afghan allegations on Daesh camps. “It’s just some kind of weird propaganda.”

He reiterated Pakistan’s concern over sanctuaries of the Pakistani Taliban or Tehreek-e-Taliban (TTP) in Afghanistan, accusing the country of being a source of “support and logistics” for TTP militant operations against Pakistan.

“It couldn’t do without the sanctuaries it’s enjoying in Afghanistan,” Khan added. “And we continue to impress upon the Afghan authorities to address this genuine and serious concern so that our bilateral relations can achieve full potential as good neighbors.”

Islamabad says it has consistently taken up the issue of cross-border attacks with the Taliban administration. The issue has also led to clashes between the border forces of the two countries on multiple occasions in recent months.

In December, the Afghan Taliban said bombardment by Pakistani military aircraft in Afghanistan’s eastern Paktika province had killed at least 46 people, most of whom were children and women. Just days later, the Afghan defense ministry said Taliban forces targeted “several points” in neighboring Pakistan, further straining tense ties. 

Relations between the two countries have also soured since Pakistan launched a deportation drive in November 2023 against illegal aliens residing in the country. Though Pakistan insists the campaign does not only target Afghans but all those residing in Pakistan unlawfully, it has disproportionately hit Afghans, with at least 800,000 repatriated so far.


Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector

Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector
Updated 24 January 2025
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Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector

Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector
  • Pakistan maritime affairs minister holds meeting with Hutchison Ports officials
  • Proposal includes upfront $200 million in foreign direct investment for Pakistan

ISLAMABAD: A Hong Kong-based multinational conglomerate has expressed interest in investing $1 billion in Pakistan’s maritime sector to improve the South Asian nation’s port infrastructure, the maritime ministry said on Thursday.

Hutchison Ports, a subsidiary of CK Hutchison Holdings, is a leading global port operator and logistics company, operating in 52 ports across 26 countries in Asia, Europe, the Americas, and Australia. It provides container terminal operations, cargo handling, logistics, port management, transportation, and distribution services.

Pakistan’s seaports in Karachi, located along the Arabian Sea, are essential for global trade and provide job opportunities for thousands of citizens. The country has been actively working on restructuring and enhancing its port infrastructure. 

On Thursday, Maritime Affairs Minister Qaiser Ahmed Shaikh held a meeting with a high-level delegation from Hutchison Ports, led by the company’s Managing Director for the Middle East and Africa, Andy Tsoi, to discuss the $1 billion investment plan, the maritime affairs ministry said.

“This groundbreaking proposal includes an upfront $200 million Foreign Direct Investment,” the ministry said, adding that the investment would focus on modernizing the Karachi International Container Terminal and South Asia Pakistan Terminals Limited “with advanced automation technologies, enhancing operational efficiency and adopting eco-friendly solutions.”

The plan includes introducing “electrified and remote-control equipment” to reduce carbon emissions and establishing a state-of-the-art warehousing depot for Pakistan’s growing trade sector as well as funding to improve roads around the south wharf to ensure “smooth container traffic flow and boost supply chain efficiency.”

The development comes amid Pakistan’s efforts to boost trade and seek international partnerships to expand maritime activities.

In August 2024, state media reported that Danish shipping firm Maersk was in discussions with local authorities to invest $2 billion in Pakistan’s port and transport infrastructure over the next two years. 

In October last year, the maritime minister signed an agreement with Denmark’s Minister Morten Bodskov to restructure Pakistan’s maritime sector and provide technical training at its ports.


Paris court sentences Pakistani who targeted Charlie Hebdo to 30 years jail

Paris court sentences Pakistani who targeted Charlie Hebdo to 30 years jail
Updated 23 January 2025
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Paris court sentences Pakistani who targeted Charlie Hebdo to 30 years jail

Paris court sentences Pakistani who targeted Charlie Hebdo to 30 years jail
  • When he carried out attack, 29-year-old Zaheer Mahmood wrongly believed satirical newspaper was still based in the building
  • Newspaper had moved in the wake of an earlier attack, which killed 12 people including eight of the paper’s editorial staff

PARIS: A Paris court on Thursday sentenced a Pakistani man to 30 years in jail for attempting to murder two people outside the former offices of Charlie Hebdo in 2020 with a meat cleaver.
When he carried out the attack, 29-year-old Zaheer Mahmood wrongly believed the satirical newspaper was still based in the building, which was targeted by Islamists a decade ago for publishing cartoons of the Prophet Muhammad.
The newspaper had in fact moved in the wake of the attack, which killed 12 people including eight of the paper’s editorial staff.
The killings in 2015 shocked France and triggered a fierce debate about freedom of expression and religion.
Originally from rural Pakistan, Mahmood arrived in France illegally in the summer of 2019.
The court had earlier heard how Mahmood was influenced by radical Pakistani preacher Khadim Hussain Rizvi, who had called for the beheading of blasphemers to “avenge the Prophet.”
Mahmood was convicted of attempted murder and terrorist conspiracy, and handed a ban from ever setting foot on French soil again.


Pakistan says three militants killed trying to infiltrating its border with Afghanistan

Pakistan says three militants killed trying to infiltrating its border with Afghanistan
Updated 23 January 2025
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Pakistan says three militants killed trying to infiltrating its border with Afghanistan

Pakistan says three militants killed trying to infiltrating its border with Afghanistan
  • Islamabad frequently accuses Afghanistan of sheltering, supporting militant groups that launch cross-border attacks
  • Afghan officials deny state complicity, insisting Pakistan’s security issues are an internal matter of Islamabad

ISLAMABAD: Pakistani security forces have killed six militants attempting to enter the country through its border with Afghanistan in the southwestern Balochistan province, the Pakistan military said on Thursday.
Islamabad frequently accuses neighboring Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. The Taliban government in Kabul says it does not allow Afghan soil to be used by militants, insisting that Pakistan’s security issues are an internal matter of Islamabad.
In the latest incident, the Pakistan army said security forces had picked up on the movement of a group of militants who were attempting to infiltrate the Pakistan-Afghanistan border on the night between Jan 22. and 23 in Balochistan’s Zhob District. Six militants were killed, it said, and a large quantity of weapons, ammunition and explosives was recovered.
“Pakistan has consistently been asking Interim Afghan Government to ensure effective border management on their side of the border,” the army said. “Interim Afghan Government is expected to fulfill its obligations and deny the use of Afghan soil by Khwarij for perpetuating acts of terrorism against Pakistan.”
The Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP), have frequently targeted Pakistani forces in the northwestern Khyber Pakhtunkhwa province. The group also has some presence in Balochistan, the site of a low-level insurgency for decades by separatists fighting for the province’s independence. 
On Jan. 19, Pakistani security forces killed five militants as they tried to infiltrate Pakistan’s border in Zhob district.