Pakistan to launch yuan-denominated Panda bonds by June, finance minister says

Pakistan to launch yuan-denominated Panda bonds by June, finance minister says
A Pakistani currency dealer counts Chinese currency for his customer at his shop in Quetta on January 3, 2018. (AFP/File)
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Updated 19 January 2025
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Pakistan to launch yuan-denominated Panda bonds by June, finance minister says

Pakistan to launch yuan-denominated Panda bonds by June, finance minister says
  • The South Asian country intends to raise approximately $200 million from Chinese investors through Panda bonds
  • Muhammad Aurangzeb says the move is part of a strategy to achieve sustainability in Pakistan’s balance of payments

ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that Pakistan plans to launch yuan-denominated Panda bonds in June to enhance its presence in Chinese capital markets, Pakistani state media reported on Sunday.
The development follows an upgrade in Pakistan’s sovereign rating by all three major credit agencies. The country aims to get into the “single-B” category that would allow it to return to global bond markets to raise funds.
Aurangzeb said the South Asian country intends to raise approximately $200 million from Chinese investors through the issuance of the Panda bonds, the Radio Pakistan broadcaster reported.
“This step is part of a broader strategy to transition Pakistan’s economy toward export-driven growth, with a focus on achieving sustainability in the country’s balance of payments,” he was quoted as telling Hong Kong’s TVB news channel.
The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September. The government is optimistic it will meet the terms of the program.
Pakistan is being advised on the issuance of Panda bonds by the China International Capital Corporation, a partially state-owned financial services company, according to the finance minister. However, the latest figure is lower than the $300 million targeted by Pakistan last year.
Aurangzeb extended an invitation to Hong Kong to send delegations to explore trade and financial opportunities in Pakistan, according to the Radio Pakistan report.
“Hong Kong could serve as a strategic hub for joint ventures between Chinese and Pakistani companies,” he said.
To revive its $350 billion economy, Pakistan has been making efforts to position itself as a regional trade and transit hub by leveraging its strategic geopolitical position.
The South Asian country has witnessed a flurry of visits, investment talks and economic activity involving officials from Saudi Arabia, United Arab Emirates, China and Central Asian nations in recent months.


Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria

Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria
Updated 09 February 2025
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Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria

Pakistan sends 23rd relief consignment for Palestine, Lebanon and Syria
  • Israel’s war in Gaza killed over 48,000 people and displaced millions of others, while thousands more have been affected in Lebanon, Syria
  • Pakistan has so far dispatched 1,803 tons of essential supplies for the war-affected people in the region, PM Shehbaz Sharif’s office says

ISLAMABAD: Pakistan’s National Disaster Management Authority (NDMA) has dispatched a 23rd relief consignment for the people of Palestine, Lebanon and Syria, Prime Minister Shehbaz Sharif’s office said on Sunday.
This consignment, comprising 50 tons of essential supplies, was sent by the NDMA in collaboration with Pakistani charity, Al-Khidmat Foundation, to provide humanitarian aid to people affected by Israeli military actions in the region.
Israel’s war in Gaza, which began after Oct. 2023 attacks by Hamas, has killed over 48,000 people, injured thousands more and displaced millions of people in the territory, whereas thousands of others have been affected by Israeli strikes on Lebanon and Syria.
The relief consignment was dispatched through a chartered flight from the Jinnah International Airport in Karachi to Jordan, according to PM Sharif’s office.
“The relief consignment included tin meat, powdered milk, hygiene kits, clothing, blankets, tents, and sleeping bags,” Sharif’s office said in a statement.
Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”
The South Asian country has also called on Israel to withdraw from Lebanese and Syrian territories, including Golan Heights, and allow United Nations (UN) peacekeepers to freely operate in the region to ensure compliance with international agreements.
“The Government of Pakistan continues to send relief supplies based on the needs of the war-affected populations of Lebanon, Syria and Palestine,” Sharif’s office said.
“In total, up till now, 1,803 tons of relief items have been dispatched.”


Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh
Updated 09 February 2025
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Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh

Pakistan seeks Saudi investment in tech sector with over 100 local firms joining LEAP 2025 in Riyadh
  • The fourth edition of the LEAP conference aims to expand business networking and investment opportunities in the global tech sector
  • IT minister says Pakistan, which recorded $348 million IT exports in Dec., offers ‘world-class’ digital services, investment opportunities

ISLAMABAD: State Minister for Information Technology (IT) Shaza Fatima Khawaja on Sunday invited Saudi businessmen to invest in Pakistan’s tech sector, highlighting the participation of over 100 Pakistani firms in the LEAP 2025 tech conference in Riyadh.

The minister expressed these views while addressing the Pakistan-Saudi Business Forum in Riyadh, a networking event jointly organized by the Pakistan Software Houses Association (P@SHA) and the Pakistan Software Export Board (PSEB), ahead of the four-day LEAP tech conference being held on Feb. 9-12.

This is the fourth edition of LEAP, recognized as Saudi Arabia’s award-winning global technology event for which entrepreneurs, investors and startups have converged in Riyadh to present their products to an anticipated audience of over 170,000 visitors. The latest edition follows last year’s record-breaking LEAP 2024, which saw $13.4 billion in investments and project commitments. Under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector.

Pakistan recorded the highest-ever monthly IT exports of $348 million in Dec. 2024, up by 15 percent year-on-year and 12 percent month-on-month, according to official data. The LEAP event offers Pakistani firms a platform to collaborate with stakeholders, explore business opportunities and showcase Pakistan’s diverse IT exports, including software development, artificial intelligence (AI), blockchain, fintech, gaming and robotics.

“Pakistan seeks strong partnerships in advanced technology under Saudi Vision 2030 and we invite Saudi investors to invest in Pakistan’s fintech, cybersecurity, and cloud computing sectors,” Khawaja said.

“Pakistan is making its largest participation in LEAP 2025, with over 100 tech companies and more than 1,000 participants.”

LEAP 2025 will debut Tech Arena, a platform for emerging innovations, featuring a ‘Live TV’ stage hosted by BBC Click’s Lara Lewington and Spencer Kelly. It is one of two new segments at LEAP 2025, alongside the SportsTech stage, supporting Saudi Arabia’s Vision 2030 for innovation and technological growth.

Visitors will explore AI, mixed reality, fashion tech, and brain-computer interfaces. Key highlights include Anouk Wipprecht’s Tech Couture exhibit, Adobe’s ‘Project Primrose’ digital dress technology, and Aramco-backed Terra Drone’s long-range medical delivery system. Saudi oil giant Aramco will also showcase SARA, an AI-driven assistant for decision-making. Engine VR will present its Golden Gloves VR boxing platform with live demos by UFC fighter Andrew Sanchez, while Alwaleed Philanthropies will showcase its Atlai AI program to support global deforestation monitoring. XPANCEO will introduce smart contact lenses with integrated computing.

Pakistan is providing world-class digital services and offering excellent opportunities for investors, according to Khawaja.

“We are not just participating [in LEAP 2025] but signing memorandums of understandings and making agreements for real economic growth through cooperation,” she said, adding that the Digital Cooperation Organization (DCO) was a key partner in the South Asian country’s digital growth.

The 16-member DCO, the world’s first standalone international intergovernmental organization, focuses on the acceleration of growth of an inclusive and sustainable digital economy. Pakistan is a key member of the organization.

Khawaja said the Digital Nation Act 2025 marked a new era in the Pakistani digital realm and provided a golden opportunity for digital investment and technological collaboration between Pakistan and Saudi Arabia. The act aims to align Pakistan’s economy, governance and services with global digital standards.

“The Digital Foreign Direct Investment (DFDI) Forum will soon be held in Islamabad, bringing together global investors, including from Saudi Arabia,” she added.


Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents
Updated 09 February 2025
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Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents

Pakistan’s commercial capital bars entry of dumper trucks in daytime amid rising accidents
  • The announcement came hours after a dumper truck crushed three people to death in Ibrahim Hyderi area of Karachi
  • Accidents are common in Pakistan where traffic rules are rarely followed, roads and vehicles are in poor condition

KARACHI: Authorities in Pakistan’s southern Sindh province have barred entry of dumper trucks in the commercial hub of Karachi from 6am till 11pm, a senior official said late Saturday, amid a rise in fatal road accidents that involved heavy vehicles.
The announcement came hours after a dumper truck crushed three people to death in the city’s Ibrahim Hyderi area. It followed a similar incident in Gulistan-e-Jauhar, which claimed three lives a day ago.
Fatal road accidents are common in Pakistan where traffic rules are rarely followed and roads as well as a majority of vehicles are in poor condition. Road crashes have killed at least 96 people, including 71 men, 12 women and 13 children, and injured nearly 1,300 others in Karachi in the last two months, local media reports, citing police.
On Saturday, Sindh Chief Secretary Asif Haider Shah presided over a meeting of senior provincial officials and decided to introduce a Vehicle Inspection and Certification System (VICS) in the province among other measures to contain the rising number of road accidents.
“All vehicles in the city should have a certificate with a QR code from the Transport Department,” said a statement issued from the chief secretary’s office after the meeting, adding that authorities will conduct physical verification of all heavy vehicles and their drivers in the city.
The chief secretary directed inspection of all water tankers of the Karachi Water and Sewerage Board within a month, while the Sindh Solid Waste Management Board, which collects garbage with the help of dumper trucks, was ordered to shift operations to nighttime within 3 months.
“The main reason for accidents is the lack of implementation of the heavy traffic laws,” the chief secretary was quoted as saying.
“FIRs [police complaints] should be registered against those who drive recklessly along with a challan.”
The official urged motorcyclists to wear helmets and instructed traffic police to increase enforcement of traffic laws in the city.


Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
Updated 09 February 2025
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Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure

Pakistan, UK discuss investment opportunities in energy, minerals and infrastructure
  • Pakistan’s finance minister meets UK under-secretary for Afghanistan, Middle East and Pakistan in Portugal 
  • Cash-strapped Pakistan is eyeing investments in minerals, agriculture and energy to escape economic crisis

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb this week met British envoy Hamish Faulkner in Portugal where the two sides discussed bilateral investment opportunities in energy, minerals and infrastructure, the finance ministry said. 

The meeting between Aurangzeb and Faulkner, the British Under-Secretary for Middle East, Afghanistan and Pakistan, took place as cash-strapped Pakistan seeks investments from regional and other foreign allies to shore up its $350 billion economy.

The Pakistani government launched a hybrid civil-military government body, the Special Investment Facilitation Council (SIFC) in June 2023 to attract foreign investment from allies and other nations. The SIFC seeks to target investment in key economic sectors such as energy, mines and minerals, infrastructure, agriculture and livestock, among others. 

Aurangzeb is in Portugal where he attended the funeral ceremony of the late Prince Karim Aga Khan IV, the spiritual leader of the Ismaili community, on Saturday. 

“During the meeting, matters of mutual interest were discussed especially investment opportunities in the energy, minerals and infrastructure sectors in Pakistan,” the Ministry of Finance said. 

The Finance Minister expressed his desire to make relations between the two countries more sustainable, saying that warm ties between Pakistan and the UK were based on mutual trust and partnership. 

Earlier this month, a delegation of American investors led by Gentry Beach, a Texas hedge fund manager and businessman close to US President Donald Trump, arrived in Pakistan. 

Beach met Pakistani officials and spoke to media during his two-day visit to the country. He expressed his desire to invest in the country’s energy, minerals, real estate and infrastructure sectors. 

Pakistan and the UK have a long and multifaceted relationship, with the latter hosting a large Pakistani diaspora community. 

Pakistan is also a member of the Commonwealth, a voluntary association of 56 countries out of which the vast majority are former British territories.


Pakistan calls for OIC summit as Trump pushes Gaza displacement plan

Pakistan calls for OIC summit as Trump pushes Gaza displacement plan
Updated 09 February 2025
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Pakistan calls for OIC summit as Trump pushes Gaza displacement plan

Pakistan calls for OIC summit as Trump pushes Gaza displacement plan
  • Pakistan’s Foreign Office earlier said Trump’s proposal to displace the people of Gaza was ‘deeply troubling, unjust’
  • US President Donald Trump last month suggested resettling Palestinians residing in Gaza to Egypt, Jordan or other countries

ISLAMABAD: Pakistan’s Foreign Minister Ishaq Dar this week called for an extraordinary summit of the foreign ministers of the Organization of Islamic Cooperation (OIC) to discuss the ongoing plight of the people of Palestine, and US President Donald Trump’s proposal to resettle Palestinians in Gaza to other countries. 

Earlier this month Trump suggested that Palestinians residing in Gaza should be resettled in Egypt, Jordan or other countries while addressing the media alongside visiting Israeli Prime Minister Benjamin Netanyahu.

The proposal was rejected by both Egypt and Jordan and countries including Pakistan, prompting condemnation from various international rights groups as well.

Dar spoke to his Iranian counterpart Seyed Abbas Araghchi over the telephone during which both diplomats discussed Trump’s proposal. Dar described it as “deeply troubling and unjust,” the foreign office said on Saturday. 

“He also conveyed Pakistan’s support for convening of an Extraordinary OIC meeting of Foreign Ministers to deliberate upon this issue,” the foreign office said in its statement. 

“The two Ministers agreed to maintain close contact on these developments in the days ahead.”

Dar said the Palestinian land belongs to the people of Palestine, adding that a two-state solution in accordance with the UN Security Council resolutions is the only viable option to resolve the Middle East crisis.  

“Pakistan shall continue to support the establishment of a sovereign, independent, and contiguous Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital, the statement quoted Dar as saying. 

Trump’s controversial statement came weeks after Hamas and Israel agreed to a six-week initial ceasefire phase, which ended 15 months of war. 

The truce included the gradual withdrawal of Israeli forces from central Gaza and the return of displaced Palestinians to northern Gaza.