Pakistan sends delegation to Saudi Arabia following PM Sharif’s high-profile visit

Pakistan sends delegation to Saudi Arabia following PM Sharif’s high-profile visit
Prime Minister Shehbaz Sharif (right) chairs the federal cabinet meeting in Islamabad, Pakistan on November 5, 2024 (PTV)
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Updated 05 November 2024
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Pakistan sends delegation to Saudi Arabia following PM Sharif’s high-profile visit

Pakistan sends delegation to Saudi Arabia following PM Sharif’s high-profile visit
  • Saudi Arabia has pledged to invest $2.8 billion in Pakistan to ensure sustainable economic growth
  • PM urges his team to take maximum benefit from the fruits of Pakistan’s ongoing economic diplomacy

ISLAMABAD: A Pakistani delegation departed for Saudi Arabia after recent high-level talks between the two countries, Prime Minister Shehbaz Sharif said on Tuesday, as he highlighted the gains of his administration’s economic diplomacy during the federal cabinet meeting.

Pakistan has grappled with a prolonged economic crisis in recent years, addressing it through external financing from allies like Saudi Arabia, the United Arab Emirates and China, along with support from the International Monetary Fund (IMF).

To secure sustainable economic growth, the country has sought trade and investment partnerships, with Sharif visiting Saudi Arabia and Qatar earlier this month to discuss collaborative opportunities across multiple sectors.

During these talks, Saudi Arabia pledged $2.8 billion through 34 memoranda of understanding (MoUs) and agreements on the sidelines of the Future Investment Initiative conference. Pakistan is now focused on implementing these initiatives, with five projects already underway.

“Our delegation has left for Saudi Arabia,” Sharif told cabinet members. “My visit and meeting with the crown prince [Mohammed bin Salman] went well, with positive intent for Pakistan.”

Sharif highlighted potential collaboration in mines, minerals and solar energy, while noting a demand for Pakistani information technology experts in Saudi Arabia and Qatar.

“I hope the [IT] ministry can prepare a plan [to capitalize on that],” he said.

The prime minister stressed the need to develop a highly skilled workforce to meet global standards while pointing out it was essential to “rapidly move forward” on MoU implementation with other countries.

He also mentioned $2 billion in MoUs with Azerbaijan, saying Baku had expressed readiness to proceed with these initiatives.

“These are good signals, and it’s up to us now to maximize their benefits,” he added.


Pakistan picks consortium led by Dubai-based firm to advise on power sector privatization

Pakistan picks consortium led by Dubai-based firm to advise on power sector privatization
Updated 5 sec ago
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Pakistan picks consortium led by Dubai-based firm to advise on power sector privatization

Pakistan picks consortium led by Dubai-based firm to advise on power sector privatization
  • The consortium will help with the privatization of three power distribution companies in Pakistan
  • Pakistan has struggled with power sector challenges, leading to financial losses, revenue shortfalls

ISLAMABAD: Pakistan has signed a financial advisory agreement with a consortium led by Dubai-based Alvarez & Marsal Middle East Limited to help privatize three major power distribution companies (DISCOs), the Privatization Commission said on Tuesday.

The agreement is part of the government’s broader privatization drive to reform the power sector that has been plagued by circular debt, operational inefficiencies and power theft.

The government has been working to divest state-run power companies as part of its wider economic reform agenda, recommended under its $7 billion loan program with the International Monetary Fund.

“This strategic initiative aligns with the government’s commitment to improving efficiency, reducing losses and ensuring long-term sustainability in the power distribution sector,” the Privatization Commission said in a statement.

Alvarez & Marsal Middle East Limited, a professional services firm specializing in business performance improvement and turnaround management, will provide financial advisory services for the privatization of Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO).

It will conduct due diligence, market analysis, investor outreach and transaction structuring to facilitate private sector participation in the bidding process.

Pakistan has long struggled with power sector challenges, with state-run distribution companies suffering massive financial losses due to inefficiencies, revenue shortfalls and delays in tariff adjustments.

The signing ceremony was attended by senior officials from the Privatization Commission and representatives of the A&M-led consortium.


Erdogan due in Islamabad today to co-chair Pakistan-Turkiye cooperation council

Erdogan due in Islamabad today to co-chair Pakistan-Turkiye cooperation council
Updated 42 min 20 sec ago
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Erdogan due in Islamabad today to co-chair Pakistan-Turkiye cooperation council

Erdogan due in Islamabad today to co-chair Pakistan-Turkiye cooperation council
  • HLSCC has held five sessions since it was established in 2009
  • PM Sharif and Erdogan expected to sign several agreements 

ISLAMABAD: Turkish President Recep Tayyip Erdogan will arrive in Islamabad today, Wednesday, to co-chair a high-level strategic cooperation council focusing on bilateral trade, investment and other priority sectors, and also oversee the signing of several agreements, the foreign office has said. 

The Pakistan-Turkiye High Level Cooperation Council (HLSCC) was established in 2009. Several joint standing committees under the HLSCC cover vital sectors such as trade, investment, banking, finance, culture, tourism, energy, defense, agriculture and others. 

Six sessions of the HLSCC have been conducted since it was founded, with the last one held in Islamabad in 2020. 

“During the visit, Prime Minister Shehbaz Sharif and President Erdogan will co-chair the 7th Session of the Pakistan-Turkiye High Level Strategic Cooperation Council (HLSCC),” the foreign office said on Tuesday. 

“At the conclusion of the Session, a Joint Declaration and a number of important agreements/MoUs are expected to be signed. The two leaders will also address a joint press stakeout.”

Erdogan will hold bilateral meetings with Sharif and President Asif Ali Zardari, the foreign office said, and address the Pakistan-Turkiye Business and Investment Forum, which will bring together leading investors, companies and businesspersons from both sides.

“The visit of Turkish President and the holding of the 7th Session of the HLSCC would serve to further deepen the brotherly relations and enhance multifaceted cooperation between the two countries,” the foreign office said. 

Turkiye and Pakistan enjoy cordial relations and last year agreed to enhance bilateral trade to $5 billion when Turkish Foreign Minister Hakan Fidan visited the Pakistani capital. 

Pakistan has been eagerly reaching out to international partners and allies in recent months as the South Asian nation, currently bolstered by a $7 billion facility from the International Monetary Fund (IMF) granted in September, navigates a narrow economic recovery path.
 


Pakistan PM reaffirms commitment to reform drive in meeting with IMF chief in Dubai

Pakistan PM reaffirms commitment to reform drive in meeting with IMF chief in Dubai
Updated 51 min 35 sec ago
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Pakistan PM reaffirms commitment to reform drive in meeting with IMF chief in Dubai

Pakistan PM reaffirms commitment to reform drive in meeting with IMF chief in Dubai
  • Shehbaz Sharif says government working on tax reforms, energy sector efficiency and private sector development
  • The IMF chief says she was ‘encouraged’ by the government’s commitment to Pakistan’s IMF-supported reforms

KARACHI: Prime Minister Shehbaz Sharif met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the World Government Summit in Dubai, said an official statement on Wednesday, where he reaffirmed his government’s commitment to structural reforms.
The meeting took place during Sharif’s two-day visit to the United Arab Emirates, where he addressed the summit and called for global support to meet Pakistan’s $100 billion energy transition needs.
His discussions with Georgieva came just ahead of the IMF’s upcoming review of Pakistan’s $7 billion loan program, secured in September last year. A successful review in the coming weeks would release a $1 billion tranche, helping cash-strapped Pakistan boost its foreign exchange reserves and meet the lender’s import cover benchmark.
“Prime Minister Shehbaz Sharif underscored the progress made under the IMF’s Extended Fund Facility (EFF), which has played a key role in stabilizing Pakistan’s economy and setting it on the path of long-term recovery,” the Prime Minister’s Office said in a statement released after the meeting.
“He reaffirmed the government’s resolve to sustaining the reform momentum, particularly in critical areas such as tax reform, energy sector efficiency and private sector development,” it added. “The Prime Minister assured Ms. Georgieva of Pakistan’s commitment to economic prudence, efficiency and sustainability as essential pillars for achieving inclusive and sustained growth.”
Following the meeting, Georgieva posted on X, formerly Twitter, expressing confidence in Pakistan’s reform trajectory.
“Wonderful to meet [Pakistan’s] Prime Minister @CMShehbaz and his team. I am encouraged by their strong commitment to Pakistan’s IMF-supported reforms and support their decisive actions to pave the way to higher growth and more jobs for Pakistan’s youthful population,” she said.
The meeting between the two officials took place as an IMF mission is currently in Pakistan conducting a governance and corruption diagnostic assessment, part of the broader reform agenda under the EFF.
The IMF’s next review is expected in March, with Pakistan’s government and central bank confident of meeting reform targets required for the loan disbursement.


Pakistan hopes Doha World Summit will be ‘turning point’ to achieve inclusive social development

Pakistan hopes Doha World Summit will be ‘turning point’ to achieve inclusive social development
Updated 56 min 29 sec ago
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Pakistan hopes Doha World Summit will be ‘turning point’ to achieve inclusive social development

Pakistan hopes Doha World Summit will be ‘turning point’ to achieve inclusive social development
  • Second World Social Summit in Doha from Nov. 4-6, 2025, will aim to address persistent gaps in social development
  • Summit will bring together heads of states to identify challenges, agree on actions to eradicate poverty

ISLAMABAD: Pakistan on Tuesday said it hoped the UN’s Second World Social Summit to be held in Doha later this year would be a “turning point” in stepping up financial and structural support for developing nations to achieve the goal of inclusive social development.

On Feb. 26, 2024, the United Nations General Assembly adopted Resolution 78/261, officially establishing the “World Social Summit” under the title “Second World Summit for Social Development.” The summit, running from Nov. 4-6, will be a significant global event aimed at fostering inclusive social development and addressing key challenges to achieve well-being for all. It will serve as a platform for governments, civil society organizations, private sector actors, and other stakeholders to collaborate on creating policies and strategies that promote inclusivity, equity, and sustainability.

“While we [developing nations] are strongly committed to inclusive social development, the financial and structural resources required to achieve that are lacking,” Ambassador Asim Iftikhar Ahmad, Pakistan’s Alternate Permanent Representative to the United Nations, said while speaking at the 63rd Session of the Commission on Social Development.

“The Second World Summit for Social Development in Doha later this year must serve as a turning point. It must move beyond aspirations and deliver tangible outcomes to bridge the growing social divide.”

Ahmad said despite decades of international commitments to social progress, inequality remained widespread, pointing out that 65 percent of the world’s population lived in countries where income disparities were growing while 57 percent people in these nations reported distrust in public policies, making social cohesion even harder to achieve.

“We are conscious of how indispensable social cohesion is to achieving prosperity and sustainable development,” Ahmad said, adding that Pakistan has prioritized poverty eradication, employment generation and social inclusion through national initiatives such as the Benazir Income Support Program (BISP), the Prime Minister’s Youth Program, micro-financing schemes, universal health coverage, and e-governance reforms aimed at improving public service delivery and economic stability.

At the upcoming Second World Summit for Social Development in Doha, Ahmad called for stronger commitments to expanding social safety nets, greater support for labor rights, including minimum wage guarantees, protections for informal workers and equal pay policies, arguing that these measures were essential for sustainable economic development.

The diplomat also stressed the need for greater transparency and accountability in governance, linking these to efforts to combat corruption, improve public service delivery and reform tax policies.

Ahmad also called for an overhaul of the global financial system to make it more equitable, pressing for comprehensive debt relief for developing nations and the reallocation of Special Drawing Rights (SDRs) toward social welfare programs. 


Australia’s Cummins, Starc, Hazlewood out of Pakistan-hosted Champions Trophy

Australia’s Cummins, Starc, Hazlewood out of Pakistan-hosted Champions Trophy
Updated 48 min 51 sec ago
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Australia’s Cummins, Starc, Hazlewood out of Pakistan-hosted Champions Trophy

Australia’s Cummins, Starc, Hazlewood out of Pakistan-hosted Champions Trophy
  • Chief selector says Australia has a range of options to shape the playing XI, depending on the opposition
  • While Cummins and Hazlewood suffer from injuries, Mitchell Starc has withdrawn for personal reasons

SYDNEY: Australia’s bid to win the Champions Trophy was dealt a major setback Wednesday with their formidable pace attack of Pat Cummins, Mitchell Starc and Josh Hazlewood all ruled out.
Cummins (ankle) and Hazlewood (side and calf) were always unlikely to play, but Starc has also withdrawn for personal reasons.
Steve Smith will captain the team after standing in for Cummins during their two-Test thrashing of Sri Lanka this month.
The 15-man squad is also without all-rounder Marcus Stoinis, who retired from the 50-over game last week, and Mitchell Marsh who was previously omitted with a back issue.
“The squad has changed significantly over the past month on the back of some untimely injuries and the retirement of Marcus Stoinis,” said chief selector George Bailey.
“The upside of that is that we have been able to call on players who have had international exposure and success over the past 12 months.
“A strong core of some of our most experienced players will provide a strong foundation in our attempt to win this edition of the Champions Trophy,” he added.
“We have a range of options to shape the playing XI within the tournament depending on the opposition and conditions we face.”
Starc was the only member of the “Big Three” fast bowling attack to play all seven Tests against India and Sri Lanka across the current Australian summer.
Bailey said he respected Starc’s decision, with the reasons for his withdrawal to remain private.
“Mitch is deeply respected for his commitment to international cricket and the priority he places on performing for Australia,” he said.
“His loss is of course a blow for the Champions Trophy campaign but does provide an opportunity to someone else to make a mark on the tournament.”
Starc will also miss the two-match ODI series against Sri Lanka starting in Colombo later Wednesday.
The loss of Australia’s long-time pace attack has opened the door for the likes of Spencer Johnson, Nathan Ellis and Ben Dwarshuis.
Aaron Hardie takes over as the seaming all-rounder while emerging leg-spinner Tanveer Sangha was included to complement Adam Zampa.
The eight-nation Champions Trophy, between February 19 and March 9, will be played in Pakistan and the United Arab Emirates.
Australia squad: Steve Smith (capt), Sean Abbott, Alex Carey, Ben Dwarshuis, Nathan Ellis, Jake Fraser-McGurk, Aaron Hardie, Travis Head, Josh Inglis, Spencer Johnson, Marnus Labuschagne, Glenn Maxwell, Tanveer Sangha, Matthew Short, Adam Zampa