Pakistan wants to re-engage with Middle Eastern banks to boost investment — finance minister

ISLAMABAD: Former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party wrote to the International Monetary Fund (IMF) on Wednesday, urging it to take note of alleged election rigging and the manipulation of the democratic system in Pakistan.
The letter, penned by Leader of the Opposition in the National Assembly Omar Ayub, comes as a three-member IMF mission visits Pakistan for a Governance and Corruption Diagnostic Assessment (GCDA) under the country’s $7 billion loan program.
The assessment, running until Feb. 14, aims to evaluate vulnerabilities in six key state functions, including fiscal governance, central bank operations, financial sector oversight, market regulation, rule of law and anti-money laundering efforts.
PTI has consistently complained of widespread irregularities in last year’s national elections, claiming they were used to deprive the party of its mandate. It has also protested a systematic crackdown on its leaders and supporters, arguing that a recent constitutional amendment has weakened the judicial system, leaving them without legal recourse.
“I write to you at a crucial juncture when the IMF mission is assessing Pakistan’s economic and governance framework, with transparency and the rule of law being fundamental concerns,” Ayub said in the letter addressed to IMF country head Mahir Binici.
“In this context, enclosed is a dossier that has been submitted to the Honorable Chief Justice of Pakistan, detailing undeniable evidence of widespread electoral rigging in the 2024 General Elections,” he continued.
Ayub emphasized the importance of transparency for economic and political stability, asserting that his party’s concerns should be brought to the attention of international institutions monitoring governance in Pakistan.
“We trust that upholding the rule of law and democratic integrity will remain a priority in all engagements concerning Pakistan’s future,” he added, offering Binici the opportunity to meet PTI leaders for further details.
Ayub’s letter follows an unprecedented meeting between the IMF team and Chief Justice of Pakistan Yahya Afridi on Feb. 11, where they discussed judicial reforms, accountability and the recent controversial restructuring of a commission responsible for recommending judges to Pakistan’s superior courts.
This is not the first time PTI has reached out to the IMF with grievances following its removal from power in April 2022 through a no-confidence vote.
Last year, Imran Khan himself wrote to the global lender, urging it to carefully review the election results before approving new financial assistance for Islamabad. Despite PTI’s concerns, Pakistan secured a $7 billion loan from the IMF in September 2024.
In 2022, an audio leak featuring PTI’s former finance minister Shaukat Tarin also surfaced, in which he advised a provincial PTI leader in Khyber Pakhtunkhwa to inform the IMF that Pakistan’s government would not be able to fulfill its loan repayment commitments.
The party came under severe criticism, with its rivals accusing it of working against the economic interests of Pakistan.

ISLAMABAD: Pakistan and Türkiye on Thursday signed 24 agreements and memorandums of understanding (MoUs) during a visit to Islamabad by Turkish President Recep Tayyip Erdoğan to discuss how to boost trade and economic ties between the two nations.

The Turkish president arrived in Pakistan early on Thursday morning to co-chair the 7th session of the Pakistan-Türkiye High-Level Strategic Cooperation Council (HLSCC), a forum established in 2009 to enhance bilateral collaboration. The council oversees joint standing committees covering key sectors such as trade, investment, banking, finance, culture, tourism, energy, defense and agriculture. Since its inception, six sessions of the HLSCC have taken place, with the last one held in Islamabad in 2020.

“In the seventh session of our [strategic] council [meeting], which we have just concluded, we have agreed to further strengthen our relations,” the Turkish president said after witnessing the signing of multiple agreements with Pakistani Prime Minister Sharif. 

“Within the framework of this visit, we have signed a total of 24 agreements and MoUs in the fields of trade, water resources, agriculture, energy, culture, family and social services along with science, banking, education, defense and health.”

“We have reached an agreement with Prime Minister Sharif to reach a goal of $5 billion trade volume between Türkiye and Pakistan,” Erdoğan added. “To this end, we are expanding our current goods trade agreement in the first stage.”

Among the MoUs are four on defense, two MoUs and a protocol in the power, energy and mining sectors, three MoUs in promoting cooperation in the trade and industrial field, two agreements in water and seed production, two MoUs in scientific education and training, two MoUs in banking, one MoU on promoting bilateral cooperation in religious services and education, one MoU in Halal food, one MoU in media and public relations, one MoU in the legal sector, one MoU in health and pharmaceuticals, one MoU to promote cooperation in the aerospace industry and two agreements in the fields of cultural cooperation and co-production.

The two countries also exchanged two MoUs signed by the Pakistan-Turkiye Business Forum to enhance bilateral cooperation.

Erdogan said he had also held extensive discussions with the Pakistani prime minister on bilateral, regional and global issues.

The Turkish leader addressed the Pakistan-Türkiye Business and Investment Forum, speaking to leading investors, companies and business leaders from both nations. He urged them to strengthen cooperation in key economic sectors. 

Pakistan, which has witnessed a surge in militant violence in recent months, has deployed additional police officers and paramilitary forces to ensure the security of the Turkish leader and his delegation.

The visit began hours after the US Embassy issued a travel advisory, citing a threat by Pakistani Taliban against the iconic Faisal mosque in Islamabad and asked its citizens to avoid visits to the mosque and nearby areas until further notice.