Pakistan floats bitcoin mining proposal using surplus electricity at first crypto council meeting

KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Friday the International Monetary Fund’s (IMF) response to his country’s request for climate financing was “very positive,” as he oversaw the signing of Pakistan’s first green bond denominated in the local currency.
The IMF’s climate finance funding provides long-term, low-interest loans to help vulnerable countries tackle climate-related risks and transition to greener economies.
Pakistan, which has experienced extreme weather events like floods, droughts and heatwaves, is in talks with the Washington-based lender to secure as much as $1.5 billion in climate resilience funding.
The IMF is also reviewing Pakistan’s economic performance under its $7 billion Extended Fund Facility (EFF) program.
“Over the last few weeks, we have had very constructive discussions with the IMF with respect to the climate resilience fund,” the minister said while addressing an event in Islamabad, adding it was the first time his country had approached the global lender for climate financing and had got a “very positive” response.
“In the coming days, hopefully, we will get to hear more about it,” he continued.
Aurangzeb witnessed the signing of Parwaaz Green Action Bond, Pakistan’s first-ever rupee-denominated green bond to be listed on the stock exchange.
The Rs1 billion ($3.6 million) bond aims to mobilize capital for environmentally sustainable projects and strengthen Pakistan’s green investment ecosystem.
This is the second green bond after Pakistan issued the $500 million Water and Power Development Authority (WAPDA) bond, which was oversubscribed by six times.
Recalling the devastating effects of the 2022 floods and growing pollution, the finance minister said Pakistan was beginning to see and accept climate change as an existential threat.
He said out of a total 13,000 glaciers in Pakistan, 10,000 were receding and were expected to cause significant water disruptions.
He pointed out Pakistan needed financing to deal with such challenges for which it looked toward its multilateral and development partners. However, he emphasized the importance of building Pakistan’s own capacity “in terms of investable, bankable projects” in the context of increasing climate disasters.
“After the 2022 flood, the pledges which were made exceeded $10 billion,” he noted. “What we finally received in the country was one third of it.”
About Pakistan’s first rupee-denominated green bond, he said the country would require some key enablers, such as a proper bond yield curve, secondary market liquidity and a green taxonomy framework.
“Hopefully, as it gets sold out, it should encourage more people both locally and internationally to come up with the financing structures,” he added.

ISLAMABAD: Pakistan has granted temporary registration to Starlink, a satellite Internet service by SpaceX that promises high-speed connectivity, particularly in underserved areas, state media reported on Friday.
The move comes as the international company, owned by billionaire Elon Musk, applied to secure a full operating license in Pakistan, where demand for improved Internet access remains high.
Musk, who has drawn global attention for his proximity to US President Donald Trump and controversial political stances, has pushed to expand Starlink’s footprint globally despite regulatory hurdles in several countries.
“With the consensus of all security and regulatory bodies, Starlink has been issued a temporary No Objection Certificate (NOC),” the Associated Press of Pakistan (APP) news agency said while quoting an official statement.
APP said the decision was described by Federal Minister for Information Technology Shaza Fatima Khawaja as part of the government’s initiative to enhance the country’s Internet infrastructure.
“Starlink’s registration is a major step forward in this journey,” she continued.
The IT minister said the Pakistan Telecommunication Authority (PTA) would oversee compliance with fee payments and other licensing requirements by the company.
“Modern solutions like satellite Internet will greatly enhance connectivity, particularly in underserved and remote areas of the country,” she added, calling the approval a milestone.
Khawaja highlighted the Pakistani administration adopted a “whole-of-government” approach, working in close collaboration with all relevant institutions to facilitate Starlink’s registration process.
She also acknowledged the respective roles played by cybercrime and security agencies, the PTA and the country’s space agency in this regard.
The minister expressed optimism that Starlink’s entry into Pakistan would formally launch satellite Internet services and bridge the digital divide.