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Pakistan’s finance minister departs for US to attend World Bank-IMF Spring Meetings

Pakistan’s finance minister departs for US to attend World Bank-IMF Spring Meetings
Pakistan’s Minister for Finance and Revenue Muhammad Aurangzeb speaks during a discussion on Pakistan, during the International Monetary Fund and World Bank Group 2024 Annual Meetings, in Washington, DC on October 22, 2024. (Sipa USA via Reuters/File)
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Updated 19 April 2025
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Pakistan’s finance minister departs for US to attend World Bank-IMF Spring Meetings

Pakistan’s finance minister departs for US to attend World Bank-IMF Spring Meetings
  • World Bank/IMF Spring Meetings 2025 will be held from Apr. 21-26 in Washington D.C.
  • Aurangzeb to address investment forums, meet counterparts from other countries 
Updated 19 April 2025
Ismail Dilawar
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KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb left for the United States on Saturday to attend the World Bank/International Monetary Fund (IMF) Spring Meetings 2025, the finance ministry said.
Leading finance ministers and officials of the World Bank and the IMF will gather in Washington D.C. to attend the spring meetings from Apr. 21-26.
Aurangzeb will meet with top officials of the World Bank and IMF, and interact with the finance ministers from China, the United Kingdom, Saudi Arabia and Turkiye, the finance ministry said. 
“The Finance Minister will clarify the country’s economic scenario while addressing investment forums and seminars during the visit,” the statement said.
Aurangzeb will meet officials of the US State and Treasury Departments as well as those from global credit rating agencies, commercial and investment banks.
“During the visit, the Finance Minister will attend the 13th Ministerial Meeting of the Coalition of Finance Ministers for Climate Action,” the ministry said.
Aurangzeb will address a roundtable discussion with institutional investors organized by Jefferies International, titled: ‘Pakistan’s Economic Outlook, Recent Fiscal and Monetary Developments and Progress on Reforms and Engagement with the IMF.’
The finance minister will also address a session organized by the Center for Global Development (CGD) on ongoing reforms in Pakistan and future challenges that the country faces. 
Aurangzeb will meet Garji Ghosh, the president of the Global Policy and Advocacy Division, Gates Foundation and Queen Maxima of the Netherlands. 
“Finance Minister Muhammad Aurangzeb will visit leading think tanks in the US,” the ministry said, adding that he will also meet international and US media representatives. 
Aurangzeb’s visit takes place as Pakistan tries to recover from a prolonged macroeconomic crisis via financial reforms mandated by the IMF. 
The IMF staff reached a deal with Pakistan for a new $1.3 billion arrangement last month and also agreed on the first review of the ongoing 37-month bailout program. Pending board approval, Pakistan can unlock the $1.3 billion under a new climate resilience loan program spanning 28 months. 
The IMF will also release $1 billion for Pakistan under its $7 billion bailout program, which would bring those disbursements to $2 billion.

Topics: Muhammad Aurangzeb World Bank Pakistan IMF Talks

PM Sharif announces IMF approval of $1 billion disbursement to Pakistan under $7 billion deal

PM Sharif announces IMF approval of $1 billion disbursement to Pakistan under $7 billion deal
Updated 18 sec ago
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PM Sharif announces IMF approval of $1 billion disbursement to Pakistan under $7 billion deal

PM Sharif announces IMF approval of $1 billion disbursement to Pakistan under $7 billion deal
  • The prime minister expresses satisfaction India’s ‘efforts to sabotage’ the loan program had failed
  • He says Pakistan’s economic situation is improving and it is moving toward financial progress
Updated 18 sec ago
Ismail Dilawar

KARACHI: The International Monetary Fund (IMF) approved a $1 billion disbursement for Pakistan under a loan program secured by the government last year, Prime Minister Shehbaz Sharif said in an official statement late Friday.

The announcement followed an IMF Executive Board meeting to finalize staff-level agreements related to the $1 billion payout, as well as Pakistan’s new $1.3 billion arrangement under a climate resilience facility approved in March.

The meeting took place at a time when Pakistan is working to revive investment amid a gradually stabilizing macroeconomic environment, following a prolonged downturn that compelled it to seek external financing from allies and global lenders.

“Prime Minister Shehbaz Sharif expressed satisfaction over the IMF’s approval of the $1 billion tranche for Pakistan and the failure of India’s underhanded tactics against the country,” his office said in a statement issued after the board’s decision.

Media reports said recently India had attempted to pressure the IMF to block the disbursement, citing heightened military tensions between the two neighbors following a deadly April 22 attack in Indian-administered Kashmir that left 26 tourists dead.

New Delhi blamed Islamabad for the assault, an allegation Pakistani officials repeatedly denied.

Sharif said international financial institutions had “responsibly rejected” India’s narrative and reaffirmed their trust in Pakistan’s economic strategy.

“Indian efforts to sabotage the IMF program have failed,” he said, adding the disbursement would help stabilize the economy and steer it toward long-term recovery.

He praised Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and other members of the government’s economic team for their role in securing the funds.

Pakistan has been working to broaden its tax base, improve energy sector efficiency, and unlock private sector growth as part of its reform commitments under the $7 billion IMF loan program.

“By the grace of God, the country’s economic situation is improving, and Pakistan is moving toward progress,” Sharif said. “The government remains committed to tax reforms, energy sector improvements and private sector development.”

He reiterated that Pakistan would stay the course on economic stabilization, effective performance and long-term planning.

The IMF funding approval comes at a critical time for Pakistan, as it seeks to reassure global investors and shore up foreign exchange reserves amid geopolitical instability and upcoming budget negotiations.

Topics: Pakistan IMF Talks Pakistan IMF

Pakistan accuses India of targeting civilians along Kashmir border amid intensifying hostilities

Pakistan accuses India of targeting civilians along Kashmir border amid intensifying hostilities
Updated 09 May 2025
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Pakistan accuses India of targeting civilians along Kashmir border amid intensifying hostilities

Pakistan accuses India of targeting civilians along Kashmir border amid intensifying hostilities
  • Army spokesperson says Pakistan has limited its response to Indian military posts across the LoC
  • He denies Indian claims Pakistan launched large-scale drone and missile attacks across the border
Updated 09 May 2025
Hasaan Ali Khan

ISLAMABAD: Pakistan’s military on Friday accused India of deliberately targeting civilians along the Line of Control (LoC), the de facto border in the disputed Kashmir region, as tensions between the two nuclear-armed neighbors escalated sharply this week.

Fighting between the South Asian rivals intensified after India carried out strikes on multiple locations in Pakistan on Wednesday, in response to a deadly April 22 attack in Indian-administered Kashmir that left 26 tourists dead. New Delhi blamed Islamabad for the attack, a charge Pakistan has denied.

In the days since, Pakistan has claimed to have downed five Indian fighter jets and over 75 drones, while India said it had retaliated against Pakistani air and drone assaults by destroying an air defense system in Lahore.

The cross-border violence also had a devastating impact on civilians living along the LoC, with both sides trading heavy fire over the past two days.

“Pakistan has been receiving the Indian artillery shelling,” the military’s spokesperson, Lt. Gen. Ahmed Sharif Chaudhry, told Türkiye’s TRT World in an interview.

“Unfortunately, they are targeting, deliberately targeting, the civilians,” he continued. “Pakistan is now firing on the posts from where the [Indian] artillery and the military are firing. We are concentrating and putting our fire only on military targets.”

Chaudhry said Pakistan’s response was defensive and restrained, limited to small arms fire against Indian military positions.

He also denied New Delhi’s claims that Pakistan had launched large-scale drone or missile attacks across the international border, calling them “fabrications” designed to fuel a “media frenzy.”

“Since last night, they [India] have created a media blitz that Pakistan has launched drones, aircraft and a massive attack across the international border,” he said, adding: “In 21st century warfare, everything has an electronic signature. If there have been attacks with missiles from the Pakistani side, there has to be an electronic signature.”

Chaudhry further accused India of “gagging” international and domestic media as well as controlling digital platforms, saying it was using its new organizations to spread disinformation hour after hour.

The LoC has long been a flashpoint between India and Pakistan, both of which claim the disputed Kashmir region in full but control only parts of it. The latest hostilities mark one of the most serious flare-ups in decades.

Topics: Pakistan ISPR Pakistan Army Kashmir attack Pakistan India Ties

Pakistani stocks surge sharply on IMF optimism, hopes of easing India-Pakistan standoff

Pakistani stocks surge sharply on IMF optimism, hopes of easing India-Pakistan standoff
Updated 09 May 2025
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Pakistani stocks surge sharply on IMF optimism, hopes of easing India-Pakistan standoff

Pakistani stocks surge sharply on IMF optimism, hopes of easing India-Pakistan standoff
  • The benchmark KSE-100 index rose 3,647.82 points, or 3.52 percent, to close at 107,541.45
  • India-Pakistan tensions triggered about 12 percent market decline between April 23 and May 8
Updated 09 May 2025
Ismail Dilawar

KARACHI: The Pakistan Stock Exchange (PSX) rebounded sharply on Friday, climbing over 3,500 points, as investor sentiment improved ahead of an International Monetary Fund (IMF) Executive Board meeting and what some analysts described as easing tensions between Pakistan and India.

The benchmark KSE-100 index recovered 3,647.82 points, or 3.52 percent, closing at 107,541.45, after a historic plunge of 6,482 points on Thursday, the largest single-day drop in the index’s history, triggered by fears of an escalating conflict between the two nuclear-armed neighbors.

"The recovery was on account of optimism on IMF Executive Board meeting scheduled to consider Extended Fund Facility (EFF) program, where market expects smooth approval," Topline Market Review said after the end of trading. "Overall decline in cross border hostilities also provided stimulus to investor sentiment."

The EFF, a $7 billion loan program secured by Pakistan in September last year, is aimed at stabilizing the country's economy through structural reforms and fiscal consolidation.

While Pakistan’s authorities say macroeconomic indicators have improved in recent months, they view the IMF support as critical for sustaining gains and transitioning toward growth.

Some analysts also linked the improved investor confidence to what they described as a gradually easing geopolitical situation between India and Pakistan.

"Stocks staged sharp recovery as investor eye de-escalation in Pakistan-India tensions after US appeal for end to violence," Ahsan Mehanti, the Chief Executive Officer of Arif Habib Commodities, told Arab News.

Raza Jafri, the head of Intermarket Securities, said any de-escalation could extend the positive stock market trend.

"Institutional value buying, especially in blue-chip high dividend yielding stocks, saw the KSE100 rebound today," he added.

Tensions between India and Pakistan spiked this week after New Delhi launched missile strikes on multiple locations in Pakistan, blaming Islamabad for a deadly April 22 attack in Indian-administered Kashmir that killed 26 tourists. Pakistan has denied involvement.

The crisis triggered a 12 percent decline in the Pakistani market from April 23 to May 8.

The geopolitical unrest posed a major challenge for Prime Minister Shehbaz Sharif’s efforts to stabilize the economy, which depends on a number of factors including increased foreign investment, exports and revenue generation.

Topics: Pakistan Stock Exchange PSX IMF

Pakistan’s remittances hit record $31.2 billion in current fiscal year, led by Saudi inflows

Pakistan’s remittances hit record $31.2 billion in current fiscal year, led by Saudi inflows
Updated 09 May 2025
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Pakistan’s remittances hit record $31.2 billion in current fiscal year, led by Saudi inflows

Pakistan’s remittances hit record $31.2 billion in current fiscal year, led by Saudi inflows
  • PM Sharif praises overseas Pakistanis for supporting the country’s economic recovery
  • Central bank projects remittances to reach $38 billion by end of current fiscal year
Updated 09 May 2025
Ismail Dilawar

KARACHI: Prime Minister Shehbaz Sharif on Friday lauded the contribution of overseas Pakistanis as workers’ remittances surged to a record $31.2 billion during the first ten months of the current fiscal year, with Saudi Arabia emerging as the top source of inflows.

According to data released by the State Bank of Pakistan (SBP), remittances rose by 30.9 percent during July-April FY25 compared to $23.9 billion received in the same period last year.

In April alone, Pakistan received $3.2 billion, showing a 13.1 percent year-on-year increase. The inflows were mainly sourced from Saudi Arabia ($725.4 million), United Arab Emirates ($657.6 million), United Kingdom ($535.3 million) and the United States ($302.4 million).

“Prime Minister Shehbaz Sharif expressed satisfaction over a 31 percent increase in remittances during the first 10 months of fiscal year 2025 compared to the previous year,” a statement issued by his office said.

“Remittances reaching a record level is a reflection of the confidence of overseas Pakistanis in government policies,” it quoted him as saying.

Remittances form a vital pillar of Pakistan’s external sector, helping stabilize the current account, fueling domestic consumption and easing the country’s reliance on external borrowing.

Earlier this year, in March, the SBP recorded an all-time monthly high of $4.1 billion in remittance inflows, driven by seasonal factors and improved formal channel usage.

Pakistan has focused on boosting exports and remittances in recent years as part of broader efforts to strengthen its external sector and address economic vulnerabilities.

The central bank has also revised its FY25 remittance projection upward from $36 billion to $38 billion, citing current trends.
 

Topics: Pakistan Saudi Ties Pakistan economy

Pakistan PM condemns Indian strikes on civilians, praises Saudi push for de-escalation

Pakistan PM condemns Indian strikes on civilians, praises Saudi push for de-escalation
Updated 40 min 29 sec ago
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Pakistan PM condemns Indian strikes on civilians, praises Saudi push for de-escalation

Pakistan PM condemns Indian strikes on civilians, praises Saudi push for de-escalation
  • Shehbaz Sharif tells Adel Al-Jubeir Pakistan is determined to defend its sovereignty against India
  • The Saudi minister calls for peaceful resolution of issues between the South Asian nuclear states
Updated 40 min 29 sec ago
Fatimah Amjad

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday condemned India’s missile and drone strikes against Pakistan that killed civilians this week while appreciating Saudi diplomatic efforts to de-escalate tensions with its nuclear neighbor in a meeting with the Kingdom’s Minister of State for Foreign Affairs Adel Al-Jubeir.

The Saudi minister’s daylong visit follows India’s military strikes inside Pakistan in response to a gun attack in the disputed Kashmir region that left 26 tourists dead, with New Delhi blaming Islamabad for the incident, though Pakistani authorities have repeatedly denied any involvement.

With the two archrivals teetering on the edge of a full-scale war, the United States announced on Thursday that Secretary of State Marco Rubio had discussed regional de-escalation with Saudi officials.

The same day, Al-Jubeir made a surprise stop in New Delhi for talks with Indian officials before arriving in Pakistan on Friday.

“While discussing the prevailing situation in South Asia [with the visiting dignitary], the Prime Minister strongly condemned India’s missile and drone strikes against Pakistan that had resulted in the martyrdom of scores of innocent civilians, including women and children, as well as damage to civilian infrastructures,” said a statement issued by his office after the meeting.

“He said Pakistan was fully determined to defend its sovereignty and territorial integrity, in accordance with Article 51 of the UN Charter,” it added. “He appreciated the Kingdom’s diplomatic efforts to de-escalate the situation and bring peace in the region.”

Sharif conveyed warm regards to Salman bin Abdulaziz and Crown Prince Mohammed bin Salman and expressed satisfaction at the positive trajectory of Pakistan-Saudi relations.

He also maintained that India’s “unprovoked and unjustified acts of aggression” had violated Pakistan’s sovereignty and territorial integrity and seriously endangered regional peace and stability. 

The statement said Al-Jubeir offered condolences over the loss of civilian lives and said the Kingdom was “deeply concerned” about the current situation in South Asia.

He reiterated Saudi Arabia’s call for de-escalation and the peaceful resolution of disputes between Pakistan and India in accordance with international law.

Saudi Arabia and Pakistan share close diplomatic and strategic relations.

The Kingdom has extended significant support to Pakistan during prolonged economic challenges faced by Islamabad in recent years, including external financing and assistance with International Monetary Fund (IMF) loan programs.

Saudi Arabia has also contributed to global peacemaking efforts by hosting talks and mediating prisoner exchanges between Russia and Ukraine.

Topics: Pakistan Saudi Ties Pakistan India Ties

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