Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
Pakistan Finance Minister Muhammad Aurangzeb speaks during a meeting with Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki at the office of the Ministry of Finance in Islamabad on September 11, 2024. (Photo courtesy: Finance Ministry)
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Updated 12 September 2024
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Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy

Pakistani finance minister discusses joint ventures, business collaborations with Saudi envoy
  • Last month, Pakistan said it had secured commitments from China, Saudi Arabia and UAE to roll over debt for a year
  • Debt rollovers will be a boost for Islamabad as it awaits final approval of a $7 billion IMF loan program signed in July

ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb met Saudi Ambassador to Pakistan Nawaf bin Saeed Al-Malki on Wednesday and discussed joint ventures and business collaborations as well as steps Islamabad is taking as it navigates a tough reforms agenda mandated by the International Monetary Fund (IMF).
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.
Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
“Aurangzeb expressed deep appreciation for Saudi Arabia’s consistent economic support to Pakistan, while highlighting the renewed interest shown by Saudi investors in pursuing joint ventures and business collaborations with Pakistan’s private sector,” Radio Pakistan said on Thursday. 
“Aurangzeb noted the significant outcomes of the high-level business delegation’s visit from Saudi Arabia to Pakistan in May, aimed at exploring investment opportunities, expanding bilateral cooperation, and scaling up partnerships across diverse sectors.”
The minister also outlined Pakistan’s “positive” economic trajectory, citing key indicators such as currency stabilization, reduced inflation, a surge in remittances, prudent management of the current account deficit and foreign exchange reserves sufficient to cover two months of imports.
“The Minister emphasized that structural reforms are pivotal for ensuring sustainable economic growth and stability, forming a cornerstone of the government’s policy agenda,” Radio Pakistan said. 
The report said Al-Malki “commended” the government of Pakistan’s efforts in implementing structural and institutional reforms and reiterated the Kingdom’s “unwavering commitment to contributing to Pakistan’s economic growth.”
“The Ambassador also acknowledged the immense potential for investment and business opportunities between the two countries,” Radio Pakistan said. “He indicated that a Saudi business delegation is expected to visit Pakistan in the coming months to further explore areas for joint ventures and collaborative investments.”
Aurangzeb has said in recent weeks Pakistan will focus on meeting its external financing needs by speaking with foreign governments and lenders to draw foreign investment as well as seeking loan rollovers. The government is also seeking to focus on more sustainable forms of external financing such as direct investment and climate financing.
Pakistan and the IMF reached an agreement for a new 37-month $7 billion loan program in July. The IMF has said the program is subject to approval from its executive board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.”
Last month, Bloomberg reported Pakistan had secured commitments from China, Saudi Arabia and the United Arab Emirates to roll over debt for a year, a boost for Islamabad as it awaits final approval of the IMF loan program.
Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.
Tough conditionalities placed by the IMF, such as raising tax on agricultural incomes and lifting electricity prices, have unleashed street protests and prompted concerns about poor and middle class Pakistanis grappling with rising inflation and the prospect of higher taxes.


IMF, Pakistan to open $1 billion climate finance talks next week — adviser 

IMF, Pakistan to open $1 billion climate finance talks next week — adviser 
Updated 39 min 15 sec ago
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IMF, Pakistan to open $1 billion climate finance talks next week — adviser 

IMF, Pakistan to open $1 billion climate finance talks next week — adviser 
  • Khurram Schehzad says mission would visit from Feb. 24-28 for discussion of climate resilience funding
  • Disbursement will take place under the Fund’s Resilience and Sustainability Trust, created in 2022 

ISLAMABAD: An International Monetary Fund mission will arrive in Islamabad next week to discuss around $1 billion in climate financing for Pakistan, an adviser to the country’s finance minister said on Thursday.
Khurram Schehzad told Reuters that the mission would visit from February 24 to 28 for a “review and discussion” of climate resilience funding.
The disbursement will take place under the Fund’s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
Pakistan made a formal request in October last year for around $1 billion in funding from the IMF under the trust, to address the nation’s vulnerability to climate change.
Pakistan’s Geo News TV had earlier reported that the IMF would issue the $1 billion for climate financing next week.
The country’s economy is on a long path to recovery after being stabilized under a $7 billion IMF Extended Fund Facility it secured late last year.
Another IMF mission will arrive in Pakistan in the first week of March for a first review of that facility, Schehzad said.
The Global Climate Risk Index places Pakistan among the countries most vulnerable to climate change.
Floods in 2022, which scientists said were aggravated by global warming, affected at least 33 million people and killed more than 1,700. The country’s economic struggles and high debt burden impinged its ability to respond to the disaster.


Pakistan and Bahrain military leaders discuss regional security, increasing cooperation

Pakistan and Bahrain military leaders discuss regional security, increasing cooperation
Updated 46 min 39 sec ago
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Pakistan and Bahrain military leaders discuss regional security, increasing cooperation

Pakistan and Bahrain military leaders discuss regional security, increasing cooperation
  • Bahrain National Guard’s chief meets Pakistan’s General Sahir Shamshad Mirza in Rawalpindi
  • Both leaders discuss broadening scope and depth of existing bilateral military engagements

ISLAMABAD: Senior officials of Pakistan and Bahrain’s military leadership on Thursday discussed the prevalent regional situation and ways to increase bilateral cooperation between their forces, Pakistan Army’s media wing said in a statement. 

Lt. Gen. Shaikh Abdulaziz Saud Mubarak Al-Khalifa, the chief of staff of the Bahrain National Guard, called on General Sahir Shamshad Mirza, the chairman of Pakistan’s Joint Chiefs of Staff Committee (CJCSC) at the Joint Staff Headquarters in Rawalpindi. 

The visiting dignitary lauded the professionalism of Pakistan’s armed forces, acknowledging their sacrifices in the fight against “terrorism,” the Inter-Services Public Relations (ISPR), the military’s media wing, said. 

“During the meeting, both military leaders discussed evolving regional environment and related security issues,” the ISPR said. “Furthermore, they emphasized broadening the scope and depth of existing bilateral military engagements and cooperation between both countries.”

Pakistan enjoys cordial relations with most Middle Eastern nations, including Bahrain. Pakistani and Bahraini forces last month took part in a two-week-long joint military exercise, Al-BADAR, in Pakistan’s northwest. 

The interaction between the military leaders takes place days after an 11-member Bahraini parliamentary delegation, led by Bahrain’s Council of Representatives Speaker Ahmed bin Salman Al-Musalam, arrived in Pakistan to discuss ties between the two countries.

Pakistan’s Prime Minister Shehbaz Sharif met the delegation on Wednesday, inviting Bahrain’s nationals to invest in the South Asian country. He also called for both countries to increase the volume of their bilateral trade. 


Hundreds hold sit-in in northern Pakistan demanding compensation for land for dam site

Hundreds hold sit-in in northern Pakistan demanding compensation for land for dam site
Updated 55 min 11 sec ago
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Hundreds hold sit-in in northern Pakistan demanding compensation for land for dam site

Hundreds hold sit-in in northern Pakistan demanding compensation for land for dam site
  • Locals demand compensation for lands they gave up for construction of Diamer-Bhasha Dam in Gilgit-Baltistan 
  • GB spokesperson says dam construction under central government’s jurisdiction as sit-in protest enters fifth day 

KHAPLU, Gilgit-Baltistan: A sit-in protest by hundreds in Pakistan’s northern Gilgit-Baltistan (GB) region entered its fifth day on Thursday as locals demanded the federal government compensate them for lands they gave up for the Diamer-Bhasha dam’s construction. 

The government plans to build the Diamer-Bhasha dam on River Indus between Kohistan district in the northwestern Khyber Pakhtunkhwa province and Diamer district in GB by 2028-29. It is estimated that plans to build the dam and reservoir will displace more than 4,200 families in nearby areas. Once constructed, the dam will submerge a large section of the Karakoram Highway to China, Pakistan’s Water and Power Development Authority (WAPDA) estimates.

Hundreds of protesters staged a sit-in demonstration in Chilas on Sunday to demand the central government-owned WAPDA honor its previous agreements that were signed in 2010 and provide them compensation for lands they gave up, a fair reassessment of land compensation rates to reflect current market values as determined by the GB government, and the inclusion of every married couple in the Household Resettlement Package, also known as Chulha Package. 

Civil society organizations, political parties and traders from different parts of the region have extended their support to demonstrators, urging the government to intervene and fulfill protesters’ demands. Maulana Hazratullah, the main leader of the protest, said they had told the central government to form a ministerial-level committee by today, Thursday, to resolve the issue. 

“And this time, we will not negotiate with the provincial government,” Hazratullah told Arab News. 

He said protesters had not blocked the Karakorum Highway linking Pakistan to China and had instead protested near the Bab-e-Chilas area as they did not want citizens to suffer.

“We will march toward the dam and stop the work at dam site if the government fails to meet our demands,” Hazratullah warned. 

GB Information Minister Eman Shah told Arab News that the provincial government was in contact with both parties, the protesters and WAPDA.

“There is no role of the provincial government in this matter because the construction of the dam is a subject of the federal government,” Shah told Arab News over a phone call. “Gilgit-Baltistan Chief Minister Hajji Gulbar Khan himself is monitoring the situation.” 

Shah described the dam as a “very important project” of the country, saying that the demands of the protesters were genuine. 

“The federal government will soon form a committee to negotiate with the protesters,” he said. “So the sit-in will end soon.”

The $12-$14 billion Diamer-Bhasha dam should generate 4,500 megawatts (MW) of electricity, and a vast new reservoir would regulate the flow of water to farmland that is vulnerable to increasingly erratic weather patterns. With a gross water storage capacity of 8.1-million-acre feet (MAF), the dam is expected to help irrigate 1.23 million acres of additional land. 

China and Pakistan signed a memorandum of understanding in December 2016 for Beijing to help fund and develop Pakistan’s Indus Basin dams, though no timelines were released. Pakistan estimates there is 40,000 MW of hydro potential.

Pakistan has been keen for years to build a cascade of mega dams along the Indus flowing down from the Himalayas, but has struggled to raise money from international institutions amid opposition from its nuclear-armed neighbor India.

Those ambitions have been revived by China’s Belt and Road infrastructure corridor for Pakistan, a key cog in Beijing’s creation of a modern-day Silk Road network of trade routes connecting Asia with Europe and Africa.


Imam replaces injured Fakhar in Pakistan Champions Trophy squad

Imam replaces injured Fakhar in Pakistan Champions Trophy squad
Updated 20 February 2025
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Imam replaces injured Fakhar in Pakistan Champions Trophy squad

Imam replaces injured Fakhar in Pakistan Champions Trophy squad
  • Imam-ul-Haq approved as Fakhar’s replacement for remainder of series 
  • Fakhar was injured in the first over of the opening game on Wednesday

KARACHI: Defending champion Pakistan suffered a huge blow when opening batter Fakhar Zaman was ruled out of the Champions Trophy due to an oblique injury on Thursday.
Imam-ul-Haq was approved as Fakhar’s replacement for the remainder of the tournament.
Fakhar was injured in the first over of the opening game on Wednesday when he ran after the ball and fell awkwardly in the outfield. He batted in visible discomfort for 24 runs off 41 balls until he was clean-bowled by New Zealand off-spinner Michael Bracewell. Pakistan lost by 60 runs.
It is the second major injury blow to Pakistan’s title defense in its first major tournament as host in 29 years. Saim Ayub broke his ankle during a test in South Africa.
Fakhar, Babar Azam and Faheem Ashraf were the only survivors of the Pakistan team which won the last Champions Trophy in England in 2017. He scored a match-winning 114 against India in the final.
Left-handed opener Imam hasn’t played international cricket since 2023 but has nine centuries in 72 one-day internationals.
Pakistan left for Dubai on Thursday to play India on Sunday.


Zunaira Qayyum, teen from impoverished Pakistani province, champions girls’ education globally

Zunaira Qayyum, teen from impoverished Pakistani province, champions girls’ education globally
Updated 20 February 2025
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Zunaira Qayyum, teen from impoverished Pakistani province, champions girls’ education globally

Zunaira Qayyum, teen from impoverished Pakistani province, champions girls’ education globally
  • Qayyum was announced as ‘Youth Advocate for Girls’ Empowerment and Climate Action’ by UNICEF this month
  • 14-year-old has been advocating for girls education in Balochistan, with one of the world’s lowest female literacy rates 

HUB, PAKISTAN: Fourteen-year-old Zunaira Qayyum stepped out of an auto-rickshaw one weekday morning earlier this month, adjusting her white and green scarf as she entered the Global Islamic Public High School in the heart of Hub, a small town in Pakistan’s impoverished Balochistan province.

Qayyum is no regular ninth grader. She is a climate champion and an advocate for girls’ education from one of Pakistan’s most underdeveloped regions who was last week announced as a ‘Youth Advocate for Girls’ Empowerment and Climate Action’ by UNICEF, the UN’s humanitarian and developmental aid agency for children.

The eldest of four siblings, Qayyum’s journey to global recognition began after she conducted research in 2022 for a UNICEF Policy Research Challenge (PRC) that aimed to examine how climate-induced floods and heatwaves had disrupted girls’ education in her hometown of Hub. Her findings were among the winning entries in the challenge.

“Coming from a small area, a small village named Zehri, coming from there to the world stage was not an easy task for me but still I never gave up on my dreams and followed them,” Qayyum told Arab News in an interview. 

The undated file photo shows Zunaira Qayyum at the United Nations Climate Change confrence in Azerbaijan. (Photo courtesy: Zunaira Qayyum)

Women’s education figures are dismal for Balochistan, which has one of the lowest female literacy rates in the world. Many girls in the province drop out of school in grades four and five. Poverty, limited school numbers, and poor school infrastructure contribute to low literacy rates, as do long distances between homes and schools. Security challenges in the insurgency-wracked province and cultural barriers also limit access to education for girls. 

These existing challenges were exacerbated in 2022 when catastrophic floods submerged a third of Pakistan, killing more than 1,700 people, affecting over 33 million people, and inflicting around $30 billion in damages and economic losses. Nearly 27,000 schools were damaged across Pakistan, leaving two million children without access to education, according to UNICEF. Balochistan was one of the worst hit areas. 

In 2024 alone, climate-induced hazards disrupted schooling for more than 2.6 million children in Pakistan, one of the most vulnerable nations globally to climate change, with recurring floods, droughts and heatwaves.

Balochistan, which makes up 43 percent of Pakistan’s total landmass, lags behind other provinces in nearly all development indicators, including literacy and girls’ education, while the 2022 floods damaged more than 3,000 schools in the province.

The undated file photo shows Zunaira Qayyum at the United Nations Climate Change confrence in Azerbaijan. (Photo courtesy: Zunaira Qayyum)

“Flood-induced damages in 2022 really disturbed the education sector in Hub, like the re-scheduling of students, schools were destroyed due to floods. Particularly in rural areas of Hub, schooling was resumed in huts and students got disturbed,” Qayyum said.

She has since been focusing her research and advocacy on the destruction of girls’ schools in Hub and their rehabilitation, work that has taken her to global platforms like the United Nations Climate Change Conference (COP29) held in Baku, Azerbaijan, in November 2024.

“COP29 experience was very interesting because I saw so many people who were passionate about climate change coming from different areas and countries,” she said. “I met many international and national leaders there, which was very motivating for me.”

Abdul Raziq, the principal of Qayyum’s school, was all praise for her “dedication and maturity.”

“When UNICEF named Zunaira as their Youth Advocate, it was a moment of pride for her parents, teachers and schoolmates,” he told Arab News. “I believe if we provide a platform to our girls, they can perform better in all fields.”

The UNICEF representative in Pakistan, Abdullah Fadil, stressed the importance of youth advocacy in tackling climate change and empowering marginalized segments in a country like Pakistan. 

“The climate crisis poses one of the biggest challenges we have ever faced, but when I listen to Zunaira and the children of Pakistan, I find hope and inspiration for the future,” he said in a statement, following Qayyum’s appointment.

“We must do more to empower children and young people with opportunities to lead, act, and help this country prosper.”

Qayyum says working for organizations like UNICEF provided a “beacon of hope” to drive change in society, urging the people of Balochistan to better equip their daughters for a sustainable future.

“So, this is my message to the Baloch people, all of Balochistan,” Qayyum said. “They should educate their daughters.”