Opposition party writes to IMF on ‘electoral rigging’ as mission in Pakistan to assess governance

ISLAMABAD: Pakistan and Türkiye on Thursday signed 24 agreements and memorandums of understanding (MoUs) during a visit to Islamabad by Turkish President Recep Tayyip Erdoğan to discuss how to boost trade and economic ties between the two nations.

The Turkish president arrived in Pakistan early on Thursday morning to co-chair the 7th session of the Pakistan-Türkiye High-Level Strategic Cooperation Council (HLSCC), a forum established in 2009 to enhance bilateral collaboration. The council oversees joint standing committees covering key sectors such as trade, investment, banking, finance, culture, tourism, energy, defense and agriculture. Since its inception, six sessions of the HLSCC have taken place, with the last one held in Islamabad in 2020.

“In the seventh session of our [strategic] council [meeting], which we have just concluded, we have agreed to further strengthen our relations,” the Turkish president said after witnessing the signing of multiple agreements with Pakistani Prime Minister Sharif. 

“Within the framework of this visit, we have signed a total of 24 agreements and MoUs in the fields of trade, water resources, agriculture, energy, culture, family and social services along with science, banking, education, defense and health.”

“We have reached an agreement with Prime Minister Sharif to reach a goal of $5 billion trade volume between Türkiye and Pakistan,” Erdoğan added. “To this end, we are expanding our current goods trade agreement in the first stage.”

Among the MoUs are four on defense, two MoUs and a protocol in the power, energy and mining sectors, three MoUs in promoting cooperation in the trade and industrial field, two agreements in water and seed production, two MoUs in scientific education and training, two MoUs in banking, one MoU on promoting bilateral cooperation in religious services and education, one MoU in Halal food, one MoU in media and public relations, one MoU in the legal sector, one MoU in health and pharmaceuticals, one MoU to promote cooperation in the aerospace industry and two agreements in the fields of cultural cooperation and co-production.

The two countries also exchanged two MoUs signed by the Pakistan-Turkiye Business Forum to enhance bilateral cooperation.

Erdogan said he had also held extensive discussions with the Pakistani prime minister on bilateral, regional and global issues.

The Turkish leader will next address the Pakistan-Türkiye Business and Investment Forum, which will bring together leading investors, companies and business leaders from both nations, according to Pakistan’s foreign office.

Pakistan, which has witnessed a surge in militant violence in recent months, has deployed additional police officers and paramilitary forces to ensure the security of the Turkish leader and his delegation.

The visit began hours after the US Embassy issued a travel advisory, citing a threat by Pakistani Taliban against the iconic Faisal mosque in Islamabad and asked its citizens to avoid visits to the mosque and nearby areas until further notice.

KARACHI: HBL Microfinance Bank (HBL MfB) has signed a Risk Sharing Agreement (RSA) with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
The facility, which is supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), will allow HBL MfB to share 50 percent of the risk on its microfinance loan portfolio of up to $80 million with IFC on an unfunded basis. The collaboration aims to enhance access to finance for smallholder farmers and microenterprises across the country, with a strong focus on women entrepreneurs.
“This RSA is another milestone, reinforcing the Bank’s legacy of innovation and leadership in addressing the evolving financial needs of underserved communities,” HBL said in a statement. 
“By being the first microfinance bank to establish an agreement on such a scale, HBL MfB is not only pushing boundaries but also redefining industry standards, ensuring that microfinance remains a catalyst for empowerment and economic growth.”
HBL said the RSA exemplified the bank’s approach toward leveraging strategic partnerships to strengthen financial resilience, expand lending capabilities, and maintain sustainable growth.
“This partnership with IFC is a testament to our commitment to financial inclusion. The facility serves as a replicable model for strategic partnerships that mitigate market challenges while driving sustainable development,” Amir Khan, President and CEO HBL Microfinance Bank, said in a statement.
“By pioneering this Risk Sharing Facility in the microfinance sector, we are ensuring that underserved segments of the society — especially small business owners and farmers, particularly women, have access to the capital they need to thrive. We are thankful to IFC for their trust in us and look forward to the growth and progress it will bring for underserved Pakistanis.”
Momina Aijazuddin, Regional Head of Financial Institutions Group at IFC, said boosting access to finance, especially for smallholder farmers, small businesses and women, could be a “gamechanger” in Pakistan. 
“With this in mind, IFC is excited to support this pioneering risk sharing facility which aims to de-risk HBL MfB’s on-lending activity to its microfinance clients and support critical growth opportunities in agriculture, entrepreneurship, and women’s empowerment,” Aijazuddin said. 
“This agreement will accelerate financial inclusion, and further HBL Microfinance Bank’s mission of creating a more inclusive and resilient financial ecosystem in Pakistan.”
Despite challenging macroeconomic conditions, microfinance banks (MFBs) have continued to expand their outreach to the low-income population of Pakistan. Although MFBs account for only 1.3 percent of total financial sector assets, they have a broad customer base. Over the past five years, MFBs’ total assets grew by an average of 19.1 percent annually, according to government data.