Pakistan’s finance chief announces plans to float Panda bonds in Chinese market this year

Pakistan’s finance chief announces plans to float Panda bonds in Chinese market this year
Pakistan Finance Minister Muhammad Aurangzeb gestures as he speaks during an interview with Reuters at his office in Islamabad, Pakistan, on July 19, 2024. (REUTERS/File))
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Updated 27 March 2025
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Pakistan’s finance chief announces plans to float Panda bonds in Chinese market this year

Pakistan’s finance chief announces plans to float Panda bonds in Chinese market this year
  • Panda bonds are issued by foreign governments through Chinese financial markets
  • Pakistan aims to raise about $200 million from Chinese investors by issuing these bonds

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Wednesday Pakistan plans to issue Panda bonds this year to leverage the Chinese capital market and strengthen its economy.
Panda bonds are issued by foreign governments, companies or institutions through China’s interbank bond market or stock exchanges, with approval from Chinese regulators. Investors typically include Chinese banks, insurance companies, asset managers and institutional investors looking for yuan-denominated, low-risk assets.
Pakistan’s plan to launch these bonds can help diversify its funding sources, reduce reliance on Western markets and boost foreign exchange reserves, especially by attracting investment from Chinese institutions.
The Pakistani finance chief, who is currently in China to attend the four-day Boao Forum for Asia Annual Conference 2025, shared the administration’s plan to issue Panda bonds in an interview with CGTN English, a local news channel.
“I have been advocating and I am very keen that Pakistan, taking advantage of the second largest and the deepest capital market in the world, that we go for an inaugural Panda bond and we issue that,” Aurangzeb said.
“Because Pakistan has done previously many issues in US dollar and the Euro but we haven’t done that in the context of the Chinese capital market,” he added. “So, we are very hopeful that during this calendar year, we will do that.”
Aurangzeb announced in January the government wanted to raise about $200 million from Chinese investors through the issuance of the Panda bonds.
The development followed an upgrade in Pakistan’s sovereign rating by three major credit agencies, with the government aiming to get into the “single-B” category to return to global bond markets to raise funds.
The developments came after the country’s macroeconomic indicators considerably improved following a prolonged economic crisis that brought Pakistan to the verge of a sovereign debt default about two years ago, building massive inflationary pressure in the economy and forcing the government to raise interest rates above 20 percent.
 


UAE deputy PM to arrive in Pakistan today to strengthen bilateral cooperation

UAE deputy PM to arrive in Pakistan today to strengthen bilateral cooperation
Updated 7 sec ago
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UAE deputy PM to arrive in Pakistan today to strengthen bilateral cooperation

UAE deputy PM to arrive in Pakistan today to strengthen bilateral cooperation
  • Sheikh Abdullah Bin Zayed Al Nahyan’s visit reflects fraternal relations between both countries, says state media 
  • In recent months, Pakistan and United Arab Emirates have signed several agreements to boost economic ties

ISLAMABAD: UAE’s Deputy Prime Minister and Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan is scheduled to arrive in Pakistan today, Sunday, on a two-day visit aimed at strengthening bilateral cooperation in various sectors, state-run media reported. 

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 Prime Minister and Minister of Foreign Affairs of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, will undertake a two-day official visit to Pakistan from Sunday,” state broadcaster Radio Pakistan reported. 

It said the high-level visit reflects the deep-rooted, fraternal relations that Pakistan and the UAE enjoy.

“It also underscores the two countries’ shared commitment to strengthening bilateral cooperation across all areas of mutual interest,” the state broadcaster added. 

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.

The UAE has become an even more crucial partner for Pakistan amid Islamabad’s efforts to achieve sustainable economic growth after suffering from a prolonged macroeconomic crisis. 


Pakistani Christian man to appeal death sentence for blasphemy

Pakistani Christian man to appeal death sentence for blasphemy
Updated 30 min 34 sec ago
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Pakistani Christian man to appeal death sentence for blasphemy

Pakistani Christian man to appeal death sentence for blasphemy
  • Christian man was convicted of blasphemy over allegations he had desecrated Qur’an in 2023
  • Allegations fueled attacks in Jaranwala town in which hundreds of houses, churches were burnt 

LAHORE: A Christian man accused of blasphemy in the eastern Pakistani town of Jaranwala will appeal against a death sentence handed down by an anti-terrorism court, his lawyer said on Saturday.

The 36-year-old man was convicted of blasphemy over allegations he had desecrated the Muslim holy book, the Qur’an, claims that fueled attacks on a Christian neighborhood in 2023 in which hundreds of houses and churches were torched and thousands of people forced to flee their homes.

“We will file an appeal in the High Court against it,” his lawyer Akmal Bhatti told Reuters, referring to the verdict delivered on Friday night.

Blasphemy is punishable by death in Pakistan. No one has been executed by the state for it, but numerous accused have been lynched by outraged mobs.

In the southern city of Karachi on Friday, a mob of 100-200 people beat a 47-year-old Ahmadi owner of a car workshop to death with bricks and sticks. Ahmadis are a minority group that have faced attacks in Pakistan, considered heretical and accused of blasphemy by some orthodox Muslims.
 


Pakistan’s central bank launches ‘Go Cashless’ drive at Karachi mall to promote digital economy

Pakistan’s central bank launches ‘Go Cashless’ drive at Karachi mall to promote digital economy
Updated 41 min 57 sec ago
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Pakistan’s central bank launches ‘Go Cashless’ drive at Karachi mall to promote digital economy

Pakistan’s central bank launches ‘Go Cashless’ drive at Karachi mall to promote digital economy
  • Campaign launched with 12 financial institutions aims to highlight benefits of digital payments
  • SBP’s drive aligns with Pakistan’s efforts to strengthen its financial systems, boost transparency

KARACHI: The State Bank of Pakistan (SBP) on Saturday launched its “Go Cashless” campaign in the southern Karachi port city, aiming to promote digital payment solutions and accelerate the country’s transition toward a cashless economy.​
The initiative, inaugurated by SBP Deputy Governor Saleem Ullah at a local mall in the Clifton neighborhood, is part of broader efforts to enhance financial inclusion and document the economy through increased adoption of digital transactions.​
“This ‘Go Cashless’ campaign is not just an event,” he was quoted in a statement released by the central bank. “It is part of a broader vision to accelerate Pakistan’s transition toward a digital economy.
The campaign, organized in collaboration with 12 leading financial institutions, seeks to educate vendors and customers about the benefits of digital payments.
It is also designed to highlight the SBP’s preference for a cash-lite economy where digital payments become the preferred choice for all, from small vendors to large retailers.​
Pakistan has witnessed significant growth in digital transactions in recent years. The SBP statement informed its instant payment system, Raast, processed over 892 million transactions amounting to Rs20 trillion ($72 billion) since its launch in 2021. In the second quarter of fiscal year 2025 alone, Raast handled 795.7 million transactions worth Rs6.4 trillion ($23.04 billion).​
The central bank highlighted mobile and Internet banking have also witnessed substantial growth, with a 62 percent increase in the number of transactions.
Digital transactions grew by 35 percent in FY24, with volume increasing from 4.7 billion to 6.4 billion, and their value reaching Rs547 trillion ($1.97 trillion).​
The SBP’s efforts align with Pakistan’s broader economic reforms aimed at strengthening financial systems and increasing transparency.
By promoting digital payments, the central bank can also document the economy more effectively and bring more individuals and businesses into the formal financial sector.​


Pakistan to open new maritime trade corridors to tap East African market — minister

Pakistan to open new maritime trade corridors to tap East African market — minister
Updated 19 April 2025
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Pakistan to open new maritime trade corridors to tap East African market — minister

Pakistan to open new maritime trade corridors to tap East African market — minister
  • The East African Community is an eight-nation bloc with a collective GDP of around $345 billion
  • The first phase of the plan will see the launch of direct shipping line between Karachi and Djibouti

KARACHI: Pakistan plans to launch new maritime trade corridors to strengthen economic ties with the East African Community (EAC), Maritime Affairs Minister Junaid Anwar Chaudhry said on Saturday, describing the move as a strategic push to boost exports and regional connectivity.
The initiative aims to establish direct sea links with EAC member states, which include Kenya, Uganda, Tanzania, Rwanda, Somalia, Burundi, South Sudan and the Democratic Republic of the Congo. The eight-nation bloc has a combined population of over 500 million and a collective GDP of around $345 billion.
“Our goal is to provide Pakistan’s industrialists, exporters and investors with a direct and efficient route to tap into the lucrative East African market,” Chaudhry said in a statement. “This strategic initiative will not only bolster our export potential but will also contribute to Pakistan’s economic growth by opening new avenues for trade and investment.”
He informed the first phase of the plan will involve the launch of a direct shipping line between Karachi Port and Djibouti, a key logistics hub offering access to neighboring markets such as Somalia and Ethiopia. However, he did not specify the exact launch date for the initiative.
The second phase involves the development of Gwadar Port into a long-term export hub focused on African trade.
An inter-ministerial consortium will be established to oversee implementation, coordinating efforts across trade, finance, diplomacy and technology. The government says the goal is to ensure Pakistani businesses are equipped to compete effectively in East Africa, particularly in agriculture, textiles, pharmaceuticals and manufacturing.
“By enhancing trade routes and improving connectivity, Pakistan is positioning itself as a leading player in the expanding East African market,” Chaudhry added.


Pakistan cricket chief says women’s team will not travel to India for 2025 World Cup

Pakistan cricket chief says women’s team will not travel to India for 2025 World Cup
Updated 19 April 2025
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Pakistan cricket chief says women’s team will not travel to India for 2025 World Cup

Pakistan cricket chief says women’s team will not travel to India for 2025 World Cup
  • Pakistan women’s team delivered stellar performance in the World Cup Qualifiers, winning all matches
  • Mohsin Naqvi says matches involving Pakistan should be held at a neutral venue during the tournament

ISLAMABAD: Pakistan’s cricket chief and interior minister Mohsin Naqvi said on Saturday the national women’s team would not travel to India for the 2025 ICC Women’s Cricket World Cup, reiterating Islamabad’s position that matches involving Pakistan should be held at a neutral venue under a hybrid model.
Naqvi’s remarks came shortly after Pakistan concluded their ICC World Cup Qualifier campaign unbeaten, sealing their spot in the tournament with a commanding seven-wicket victory over Bangladesh in Lahore.
“It is up to India to decide where the matches will be held since they are the hosts,” he told reporters at the Lahore City Cricket Association Ground. “Our team is ready to play wherever, but it will not travel to India.”
The hybrid model was implemented earlier this year during the ICC Men’s Champions Trophy hosted by Pakistan, allowing India to play their matches at neutral venues.
During the event, India played their matches in Dubai, citing security concerns, while other participating teams traveled to Pakistan.
The arrangement also drew criticism from several teams, who felt disadvantaged by India’s familiarity with the playing conditions in Dubai.
Pakistan women’s team have delivered a stellar performance in the World Cup Qualifiers, winning all five of their matches.
The 2025 ICC Women’s Cricket World Cup is scheduled to be held from September 29 to October 26. With Pakistan’s qualification, the ICC will need to determine a neutral venue for their matches, adhering to the agreed-upon hybrid model.