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PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points

PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points
A man uses a mobile phone as he takes a photo of the electronic board displaying share prices during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan on November 28, 2023. (REUTERS/File)
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Updated 20 March 2025
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PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points

PM Sharif hails investor confidence as Pakistan Stock Exchange crosses 119,000 points
  • KSE-100 index soared by over 1,400 points after trading commenced, hitting an all-time high of 119,421.81
  • Shehbaz Sharif says his government is trying to ensure conducive business and investment environment
Updated 20 March 2025
SAIMA SHABBIR
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ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday lauded the Pakistan Stock Exchange (PSX) for surpassing the significant 119,000-point threshold for the first time, saying the market’s bullish opening session mirrored growing investor confidence.​
The benchmark KSE-100 index soared by over 1,400 points shortly after trading commenced, reaching an all-time high of 119,421.81 points.
The market rally coincides with Sharif’s four-day visit to Saudi Arabia, where he met separately with Crown Prince Mohammed bin Salman and Investment Minister Khalid Al-Falih to discuss strengthening economic cooperation.​
“The positive trajectory in the Pakistan Stock Exchange signifies the increasing trust of traders and investors in the government’s economic policies,” the prime minister said in a statement issued by his office from Jeddah.
“The government is providing all necessary facilities on a priority basis to ensure a conducive environment for business and investment in the country,” he added.
Earlier this month, an International Monetary Fund (IMF) team concluded its review of Pakistan’s economic reforms under a $7 billion loan program.
The international lender described Pakistan’s progress as “strong,” though its mission departed without finalizing the staff-level agreement.
The IMF’s positive assessment, nevertheless, led to bullish sentiment in the market, despite recent upticks in militant violence.​
The ongoing PSX session saw the KSE-100 index dip below its earlier high, trading at 118,526.63 points at the time of filing this report.

Topics: Pakistan Pakistan Stock Exchange

UAE deputy PM to visit Pakistan on Apr. 20 to strengthen bilateral ties

UAE deputy PM to visit Pakistan on Apr. 20 to strengthen bilateral ties
Updated 10 sec ago
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UAE deputy PM to visit Pakistan on Apr. 20 to strengthen bilateral ties

UAE deputy PM to visit Pakistan on Apr. 20 to strengthen bilateral ties
  • Sheikh Abdullah bin Zayed Al Nahyan will undertake a two-day official visit to Pakistan
  • Pakistan and the UAE have moved closer in recent years to deepen economic cooperation
Updated 10 sec ago
Arab News Pakistan

ISLAMABAD: United Arab Emirates Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan will arrive in Pakistan on a two-day official visit starting April 20 to strengthen bilateral cooperation, state media reported on Friday.
Pakistan and the UAE have deepened their economic partnership in recent years. The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment, with over $10 billion invested in the last two decades.
“Deputy PM and Minister of Foreign Affairs of the UAE Sheikh Abdullah bin Zayed Al Nahyan will undertake a two-day official visit to Pakistan from Sunday,” Radio Pakistan said on Friday.
It added that the visit reflected the “deep-rooted” ties between the two countries and underscored their shared commitment to cooperation across all areas of mutual interest.
The UAE is home to over a million Pakistani expatriates — the second-largest overseas Pakistani community globally — and a major source of remittance inflows to Pakistan.
Policymakers in Islamabad view the UAE as an ideal export destination due to its geographic proximity, which lowers freight costs and facilitates smoother trade.
In recent months, the two countries have signed a series of agreements to boost economic ties.
In February, during the Abu Dhabi crown prince’s visit to Pakistan, the two sides signed accords in mining, railways, banking and infrastructure.
Last year in January, Pakistan and the UAE signed deals worth more than $3 billion covering railways, economic zones and infrastructure development.

Topics: Pakistan UAE ties Pakistan UAE trade

Pakistan reviews privatization options for New York’s Roosevelt Hotel

Pakistan reviews privatization options for New York’s Roosevelt Hotel
Updated 11 min 18 sec ago
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Pakistan reviews privatization options for New York’s Roosevelt Hotel

Pakistan reviews privatization options for New York’s Roosevelt Hotel
  • Roosevelt Hotel is a long-held asset of PIA, which itself is undergoing a separate privatization process
  • The hotel’s privatization is part of IMF-backed reforms to divest loss-making state-owned enterprises
Updated 11 min 18 sec ago
Ismail Dilawar

KARACHI: Pakistan’s privatization board on Friday reviewed various options to sell off the Roosevelt Hotel in New York, a long-held property of Pakistan International Airlines (PIA), as part of ongoing efforts to divest loss-making state assets under an International Monetary Fund-backed reform agenda.
The 19-story Roosevelt Hotel, located in midtown Manhattan, has been closed since 2020 and is owned by the Roosevelt Hotel Corporation, a subsidiary of PIA. Its fate has been under discussion for years amid attempts to generate funds from the government’s assets.
The Privatization Commission mentioned its deliberations in a statement, saying that it discussed various transaction options developed by its financial adviser — a consortium led by Jones Lang LaSalle Americas Inc. (JLL) — and finalized recommendations to be presented to the Cabinet Committee on Privatization (CCOP).
“Various transaction structure options developed by the Financial Adviser ... for privatization of Roosevelt Hotel Corporation (RHC), New York were discussed,” the statement read.
However, it did not divulge further details.
The Roosevelt Hotel is one of the assets included in the first phase of Pakistan’s privatization roadmap, which also features the sale of national flag carrier PIA and Zarai Taraqiati Bank (ZTBL). The government aims to complete these transactions within a year.
Pakistan is working to privatise several state-owned enterprises as part of structural reforms under a $7 billion loan program with the IMF. Many of these entities, including PIA, have long struggled with debt, mismanagement and operational inefficiencies.
The Roosevelt Hotel was earlier used to house asylum seekers under a temporary agreement with New York City but remains a financial burden on PIA, which is itself undergoing a separate privatization process. The government is seeking to sell a 51-100 percent stake in the airline and will invite expressions of interest next week.

Topics: Roosevelt Hotel

Karachi mob kills member of Ahmadi community

Karachi mob kills member of Ahmadi community
Updated 18 April 2025
Reuters
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Karachi mob kills member of Ahmadi community

Karachi mob kills member of Ahmadi community
  • Police say the mob was dispersed and 15 people in the building rescued
  • The man killed was identified as a 47-year-old owner of a car workshop
Updated 18 April 2025
Reuters

KARACHI: A mob attacked a place of worship of Pakistan’s Ahmadi minority community in Karachi on Friday, killing one man, police and a community spokesperson said.
Ahmadi community spokesperson Amir Mahmood said the mob of 100-200 people beat a 47-year-old owner of a car workshop to death with bricks and sticks.
Mohammad Safdar, superintendent of police for Karachi’s Saddar area, confirmed the death.
Safdar told Reuters that the mob was later dispersed, allowing 15 people trapped inside the building to be rescued. Mahmood said 30 people had been trapped.
Ahmadis are a minority group considered heretical by some orthodox Muslims. Pakistani law forbids them from calling themselves Muslims or using Islamic symbols, and they face violence, discrimination and impediments blocking them from voting in general elections.

Topics: Minorities in Pakistan

Pakistan’s deputy PM to raise security concerns during daylong visit to Afghanistan on Saturday

Pakistan’s deputy PM to raise security concerns during daylong visit to Afghanistan on Saturday
Updated 24 min 42 sec ago
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Pakistan’s deputy PM to raise security concerns during daylong visit to Afghanistan on Saturday

Pakistan’s deputy PM to raise security concerns during daylong visit to Afghanistan on Saturday
  • Ishaq Dar’s visit comes at a time when Pakistan has blamed Afghan officials for ‘facilitating’ cross-border militancy
  • The two countries have tried to resume diplomatic engagements in recent days, with high-level official exchanges
Updated 24 min 42 sec ago
Usama Iqbal Khawaja

ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar is set to visit Kabul on Saturday for high-level talks, with security issues topping the agenda amid ongoing tensions between the two neighbors.​
The visit comes against the backdrop of a surge in militant attacks in Pakistan, which Islamabad attributes to armed groups operating from Afghan territory.
Pakistan has frequently accused the Taliban-led government in Kabul of providing safe havens to these militants and “facilitating” cross-border attacks, a claim Afghanistan denies.​
“At the invitation of interim Afghan Foreign Minister, Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq Dar, will lead a high-level delegation to Kabul tomorrow,” the foreign office announced in a statement.
“The talks will cover entire gamut of Pak-Afghan relationship, focusing on ways and means to deepen cooperation in all areas of mutual interests, including security, trade, connectivity and people-to-people ties,” it added.
The foreign office said Dar will meet Afghan Acting Prime Minister Mullah Muhammad Hassan Akhund, Acting Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar and hold delegation-level talks with Acting Foreign Minister Amir Khan Muttaqi.
Earlier in the day, Pakistan’s foreign office spokesperson Shafqat Ali Khan emphasized the importance of the visit.
“The key concern remains centered on security,” he said during his weekly media briefing. “The question of sanctuaries and terrorism has been raised multiple times [with Afghanistan], and we will keep raising it.”
“We want to find an amicable solution to this challenge,” he added.​
Since late 2023, Pakistan has initiated the deportation of undocumented immigrants, predominantly Afghan nationals, citing security concerns. The move has strained relations further, with Afghan authorities raising concerns over the expulsions.​
Despite these tensions, both countries have resumed diplomatic efforts to improve ties. A Pakistani delegation recently visited Kabul for a Joint Coordination Committee (JCC) meeting, while an Afghan delegation traveled to Islamabad to discuss trade and connectivity initiatives.​
Dar’s visit is seen as a continuation of these efforts, aiming to address mutual concerns and explore avenues for cooperation between the two neighboring countries.​

Topics: Foreign Office of Pakistan Pakistan Afghanistan Ties

Pakistan PM launches tax authority’s performance system amid IMF reform push

Pakistan PM launches tax authority’s performance system amid IMF reform push
Updated 18 April 2025
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Pakistan PM launches tax authority’s performance system amid IMF reform push

Pakistan PM launches tax authority’s performance system amid IMF reform push
  • The international lender wants digitization of FBR along with tax base expansion in Pakistan
  • The PM was briefed about FBR’s data-driven decision-making to ensure greater efficiency
Updated 18 April 2025
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday launched a performance management system for Pakistan’s tax authority, urging officials to enhance efficiency and boost revenue collection to help reduce the country’s reliance on external debt, state media reported.
The move is part of broader reforms tied to Pakistan’s $7 billion loan program with the International Monetary Fund (IMF), which include overhauling the Federal Board of Revenue (FBR) through greater digitization, institutional accountability and tax base expansion.
The FBR, long criticized for inefficiency and underperformance, plays a central role in Pakistan’s fiscal framework and is under pressure to deliver sustained growth in tax revenues.
“If we want to move away from the International Monetary Fund (IMF), we must work hard to increase our revenues,” Sharif said at the launch event, according to the state-run Associated Press of Pakistan (APP).
He also described it as a long journey, adding more work was required to plug the loopholes in the system.
The newly launched performance system introduces evaluations of FBR officers based on defined metrics. Sharif said similar models would be introduced across other state institutions to promote a culture of accountability.
During the visit, officials also briefed the prime minister on separate reforms underway at the FBR, including the development of a data-driven decision-making framework. That system will pull information from entities like the National Database Registration Authority (NADRA) and banking institutions to track payments and asset acquisitions, as part of efforts to align the tax regime with international standards.
Authorities said over 35 additional companies had been added to the tax net as part of ongoing digitization efforts. Tax return forms have also been simplified, and preparations are underway for the nationwide rollout of a digital invoicing system.
Sharif acknowledged a 27 percent growth in FBR revenue over the past year but said more progress was needed to steer Pakistan out of its debt crisis and ensure fiscal stability.
Pakistan’s tax-to-GDP ratio remains among the lowest in the region, limiting the government’s ability to fund public services and increasing dependence on borrowing.
Strengthening the FBR is seen as critical to reducing the budget deficit and restoring investor confidence.
The prime minister also visited FBR’s newly established delivery unit, praising the officers as a “national asset” and expressing hope that the ongoing reforms would lead to a more transparent and effective tax administration.

Topics: Federal Board of Revenue (FBR) Pakistan Prime Minister Shehbaz Sharif

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