PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan

PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan
Pakistan Prime Minister Shehbaz Sharif (R) meets Saudi Energy Minister Prince Abdulaziz bin Salman in Riyadh, Pakistan on April 29, 2024. (PID)
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Updated 30 April 2024
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PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan

PM welcomes Saudi Arabia’s interest in developing energy projects in Pakistan
  • PM Shehbaz Sharif met Saudi Energy Minister Prince Abdulaziz bin Salman on WEF sidelines in Riyadh
  • The PM highlighted various initiatives undertaken by Pakistan to facilitate investment in energy sector

ISLAMABAD: Prime Minister Shehbaz Sharif has welcomed Saudi Arabia’s interest in developing energy projects in Pakistan, Sharif’s office said on Monday, following his meetings with Saudi officials on the sidelines of a World Economic Forum (WEF) meeting in Riyadh.

The Pakistan prime minister was in Riyadh to attend the WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29.

During his visit, PM Sharif held meetings with Saudi Arabia’s ministers of energy, economy and planning, and environment, water, and agriculture, according to his office.

In a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman, the PM highlighted initiatives undertaken by Pakistan to facilitate investment in the energy sector.

“The Saudi side showed keen interest in developing energy projects identified by the Prime Minister,” Sharif’s office said in a statement. “The Prime Minister welcomed the interest by the Kingdom to enhance economic partnership with Pakistan.”

The proposed projects included building new and improving existing energy infrastructure, increasing focus on renewable energy, and bringing efficiency across the entire energy ecosystem in Pakistan, according to the statement. 

The Saudi energy minister was accompanied by the president of Aramco, a Saudi state-owned petroleum and natural gas company, and other officials.

PM Sharif said both sides were pursuing the economic cooperation agenda with “renewed vigour and commitment,” following his meeting with Crown Prince Mohammed bin Salman on Sunday.

He expressed hope that technical teams of the two countries would complete their work and many mutually beneficial projects would be launched soon.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.

Both countries have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.

Later, PM Sharif held a meeting with Saudi Minister of Economy and Planning Faisal Al-Ibrahim, wherein he highlighted the potential of the Pakistani agriculture sector.

“Pakistan can become a bread basket for the Kingdom and could play a critical role in ensuring food security not only for the two countries but for the entire region,” Sharif’s office quoted him as saying.

Saudi Minister for Environment, Water and Agriculture Abdulrahman Al-Fadhli briefed the prime minister on the fruitful discussions that he and his delegation held in Islamabad this month, according to Sharif’s office. He said Saudi agriculture companies were looking at Pakistan with “great interest” and hoped that both countries would benefit from joint ventures for improving the value chain of the agriculture economy.

PM Sharif also congratulated the Saudi minister of economy for successfully hosting the WEF summit in Riyadh and lauded the Kingdom’s role as a thought leader in taking forward the global economic and development agenda.


Opposition party writes to IMF on ‘electoral rigging’ as mission in Pakistan to assess governance

Opposition party writes to IMF on ‘electoral rigging’ as mission in Pakistan to assess governance
Updated 13 February 2025
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Opposition party writes to IMF on ‘electoral rigging’ as mission in Pakistan to assess governance

Opposition party writes to IMF on ‘electoral rigging’ as mission in Pakistan to assess governance
  • PTI’s Omar Ayub highlights the importance of transparency for economic and political stability in the note
  • He expresses hope that rule of law and democratic integrity will be a priority in IMF’s dealings with Pakistan

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.


Pakistan hopeful Champions Trophy will bring more big events

Pakistan hopeful Champions Trophy will bring more big events
Updated 13 February 2025
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Pakistan hopeful Champions Trophy will bring more big events

Pakistan hopeful Champions Trophy will bring more big events
  • Top teams shunned Pakistan after 2009 attack on bus carrying Sri Lankan cricket players in Lahore 
  • Pakistan last hosted ICC event in 1996 when that year’s 50-over-World Cup was played in sub continent 

ISLAMABAD: Pakistan will host a first major multi-country cricket tournament in nearly three decades next week and its cricket chief is hopeful that a successful Champions Trophy will bring a flood of other such events.
Top teams shunned Pakistan after the 2009 attack on a bus carrying Sri Lankan cricketers in Lahore, forcing them to relocate home matches, mostly to the United Arab Emirates.
It took the Pakistan Cricket Board years to convince foreign counterparts that it was safe to visit. Touring sides began returning after the board successfully staged its own T20 league, with several foreign players, on home soil in 2017.
“The ICC (International Cricket Council) Champions Trophy 2025 is a culmination of those efforts,” PCB chairman Mohsin Naqvi told Reuters.
“Our successful hosting of this event will further enhance Pakistan’s credentials, positioning us as a strong contender for more ICC events in the next events cycle.”
Pakistan staged the 1996 World Cup after winning the previous edition of cricket’s marquee event but the country’s fortunes crumbled with the rise of militancy following war in neighboring Afghanistan.

’SECURE AND WELL-MANAGED’
“Security has long ceased to be a concern for visiting teams as we have consistently demonstrated our ability to provide a safe, secure and well-managed environment for international cricket,” said Naqvi, who also doubles as the country’s internal security chief.
“Once we successfully staged home international series and consistently delivered PSL (Pakistan Super League) editions at world-class standards, the ICC accepted and recognized Pakistan’s readiness to host a global event,” he said.
“Since 2019, all major Test-playing nations — except India — have toured Pakistan, some multiple times.”
Naqvi said multiple visits by England and New Zealand and the growing number of international players in the PSL were an endorsement. “As a result, they are already familiar with Pakistan’s world-class playing conditions, operational efficiency and robust security measures.”
But he acknowledged that staging a multi-team event was tougher than hosting a single team.
“The ICC Champions Trophy 2025 has been a monumental task, requiring extensive preparations in a limited timeframe. Our stadiums last underwent significant renovations for the 1996 World Cup, and since then, the global cricketing landscape has evolved tremendously.”
The PCB has upgraded two main grounds in Karachi and Lahore for the event in an 11th-hour facelift.


Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade

Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade
Updated 19 min 19 sec ago
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Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade

Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade
  • Turkish president arrived in Pakistan early on Thursday morning to co-chair 7th session of Pakistan-Türkiye High-Level Strategic Cooperation Council 
  • Pakistan, facing militancy spike, has deployed additional police officers and paramilitary forces to ensure security of Turkish leader and his delegation

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. 

President of Turkiye, Recep Tayyip Erdogan (left) and Prime Minister of Pakistan, Shehbaz Sharif, sign joint declaration of 7th meeting of Turkiye-Pakistan High Level Strategic Cooperation Council on February 13, 2025 in Islamabad, Pakistan. (PMO)

“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.

President of Turkiye, Recep Tayyip Erdogan, and Prime Minister of Pakistan, Shehbaz Sharif witness exchange of MoUs and Agreements signed between Turkiye and Pakistan with regard to cooperation in different fields on February 13, 2025 in Islamabad, Pakistan. (PMO)

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.


Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa
Updated 13 February 2025
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Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa
  • Afridi was fined 25 percent of his match fee by the ICC for deliberately obstructing batter Matthew Breetzke when he ran a single in the 28th over
  • Saud Shakeel and substitute fielder Kamran Ghulam were fined 10 percent of their match fees after they celebrated too closely to South Africa captain

DUBAI: Fast bowler Shaheen Shah Afridi was among three Pakistan cricketers fined for breaching the ICC code of conduct during the record run chase against South Africa in Karachi.
Afridi was fined 25 percent of his match fee by the ICC for deliberately obstructing batter Matthew Breetzke when he ran a single in the 28th over, resulting in physical contact and a heated exchange between them in the tri-nations match on Wednesday.
Saud Shakeel and substitute fielder Kamran Ghulam were fined 10 percent of their match fees after they celebrated too closely to South Africa captain Temba Bavuma after he was run out in the 29th over.
In addition, all three players received one demerit point each on their disciplinary records, and accepted the sanctions, the ICC said.
Pakistan recorded its highest ever successful one-day international run chase of 355-4 and will play New Zealand on Friday in the final, a warmup for the Champions Trophy.


Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement

Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement
Updated 13 February 2025
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Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement

Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement
  • Facility will allow HBL MfB to share 50 percent of risk on microfinance loan portfolio of up to $80 million with IFC on an unfunded basis
  • Collaboration aims to enhance access to finance for smallholder farmers, microenterprises across the country, with focus on women

KARACHI: HBL Microfinance Bank (HBL MfB) has signed a Risk Sharing Agreement (RSA) with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
The facility, which is supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), will allow HBL MfB to share 50 percent of the risk on its microfinance loan portfolio of up to $80 million with IFC on an unfunded basis. The collaboration aims to enhance access to finance for smallholder farmers and microenterprises across the country, with a strong focus on women entrepreneurs.
“This RSA is another milestone, reinforcing the Bank’s legacy of innovation and leadership in addressing the evolving financial needs of underserved communities,” HBL said in a statement. 
“By being the first microfinance bank to establish an agreement on such a scale, HBL MfB is not only pushing boundaries but also redefining industry standards, ensuring that microfinance remains a catalyst for empowerment and economic growth.”
HBL said the RSA exemplified the bank’s approach toward leveraging strategic partnerships to strengthen financial resilience, expand lending capabilities, and maintain sustainable growth.
“This partnership with IFC is a testament to our commitment to financial inclusion. The facility serves as a replicable model for strategic partnerships that mitigate market challenges while driving sustainable development,” Amir Khan, President and CEO HBL Microfinance Bank, said in a statement.
“By pioneering this Risk Sharing Facility in the microfinance sector, we are ensuring that underserved segments of the society — especially small business owners and farmers, particularly women, have access to the capital they need to thrive. We are thankful to IFC for their trust in us and look forward to the growth and progress it will bring for underserved Pakistanis.”
Momina Aijazuddin, Regional Head of Financial Institutions Group at IFC, said boosting access to finance, especially for smallholder farmers, small businesses and women, could be a “gamechanger” in Pakistan. 
“With this in mind, IFC is excited to support this pioneering risk sharing facility which aims to de-risk HBL MfB’s on-lending activity to its microfinance clients and support critical growth opportunities in agriculture, entrepreneurship, and women’s empowerment,” Aijazuddin said. 
“This agreement will accelerate financial inclusion, and further HBL Microfinance Bank’s mission of creating a more inclusive and resilient financial ecosystem in Pakistan.”
Despite challenging macroeconomic conditions, microfinance banks (MFBs) have continued to expand their outreach to the low-income population of Pakistan. Although MFBs account for only 1.3 percent of total financial sector assets, they have a broad customer base. Over the past five years, MFBs’ total assets grew by an average of 19.1 percent annually, according to government data.